Occidental Petroleum Corporation Group Excess Liability Insurance Program for Executives
Contract Categories:
Human Resources
›
Compensation Agreements
Summary
Occidental Petroleum Corporation has established a Group Excess Liability Insurance Program for selected executives of the company and its subsidiaries. Under this program, Occidental pays the insurance premiums for an umbrella policy that provides additional liability coverage beyond standard auto and home insurance. The program offers $10 million in coverage for a select group of executives and $5 million for others, with participation limited to certain individuals. Executives must maintain minimum underlying insurance coverage to qualify for this excess protection.
EX-10.51 9 ex1051-20031231.txt EXHIBIT 10.51 EXHIBIT 10.51 OCCIDENTAL PETROLEUM CORPORATION GROUP EXCESS LIABILITY INSURANCE PROGRAM Certain executives of Occidental Petroleum Corporation and its subsidiaries are selected to participate in Occidental's Group Excess Liability Insurance Program. Occidental pays the premium for the insurance. The insurance is an umbrella policy which provides excess coverage beyond regular liability policies, with required minimum coverage for underlying policies such as auto and home policies. The program provides $10 million of coverage for a small number of executives and $5 million of coverage for certain other executives. 040224b
