Oil insurance ruling for BP withdrawn by appeals court

insurance news Deepwater Horizon Oil Spill 2010

The petroleum giant now faces a tremendous setback as the decision was not made in its favor. A federal appeals court has now reversed an oil insurance ruling that had previously been made in favor of BP in a multimillion dollar dispute, which has now provided the petroleum giant with a massive setback, at least temporarily. BP will now be forced to have to look elsewhere in its attempts to defray some of its tremendous disaster expenses. The energy giant is still trying to deal with the ongoing and astronomical…

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Judge decides BP oil spill not covered by Transocean Insurance

A New Orleans judge has ruled that BP Plc’s 2010 Gulf of Mexico oil spill is not covered by the insurance the company holds with Transocean Ltd. Following the oil spill in 2010, BP filed claims with the carriers of Transocean Insurance, seeking a payment of $750 million from their numerous policies with the insurer. Several excess underwriters, with Lloyd’s of London and Ranger Insurance, the primary insurer of Transocean, contested BP’s claims, saying that the contract between BP and the owner of the rig did not include this protection.…

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Hard hit Louisiana deserving of pay out for Horizon oil spill

The state of Louisiana may push to negotiate directly with the Justice Department, the Environmental Protection Agency (EPA) and other responsible parties in the BP, Deepwater Horizon oil spill incident. Opposed to letting the funds go to the federal Oil Spill Liability Trust Fund for dispersal; Louisiana officials may petition to negotiate settlements for them self. The Deepwater Horizon disaster that occurred off the Gulf of Mexico last summer devastated several coastal areas, but by large, Louisiana suffered the most. Millions of barrels worth of crude oil spilt into the…

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