On 05/06/2010 02:37 PM, HeyBub wrote:
Jack Stein wrote:

Please, Jack. They're insured.

Please Larry, BP is self-insured, meaning, no, they are NOT insured.

Huh? "Self insured" IS insured.

Think about that for a second. The whole point of insurance is to pay
someone else to assume the risk on the behalf of the insured entity.
Generally it's done because the entity buying the insurance cannot or
doesn't want to incur all the risk themselves.

If BP is "self-insured" it means that they're not actually insured, but
rather that they've chosen to assume the risk themselves.

Chris