Oil insurance ruling for BP withdrawn by appeals court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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Virginia appeals court rules insurance companies not responsible for global warming claims

In a case that has drawn significant attention from the insurance industry, the Virginia Supreme Court has ruled that Steadfast Insurance is not required to defend AES Corp., which is a defendant in Kivalina v. Exxon Mobil Corp, et al, a significant climate change case that is currently before the 9th Circuit Court of Appeals in San Francisco. Lawyers are expecting that over the next few years, there will be a rise in litigation for insurance coverage cases that are connected to climate change, making this case an important one…

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