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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New investigation may enable American insurance companies to seek money from BP in the wake of last year’s oil spill
Last year, an investigative team from the U.S. government was tasked with tackling the issue of the disastrous oil spill that inundated the Gulf of Mexico with crude oil. The company responsible for the oil spill, British Petroleum (BP), has yet to face any legal action from the government for what has become the worst oil spill in the nation’s history. Many businesses in states along the Gulf of Mexico were left crippled by the loss of business spurred by the oil spill, which, in turn, translated into insured losses.…
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