Oil insurance payout of $750 million for Transocean sought by BP

bp oil insurance

The company is attempting to use a technicality to convince a court to permit them access to policies. BP, which has paid over $28 billion in order to cover the costs of the oil spill disaster in the Gulf of Mexico, which occurred in 2010, is now attempting to receive $750 million of that amount back again by working to convince a court in Texas that it should be able to access oil insurance that covered Transocean Ltd. BP is hoping that a missing comma would show that it is…

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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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