Tag: Deepwater Horizon

Insurance news isn’t working in favor of BP

Julie Campbell
insurance news Deepwater Horizon Oil Spill 2010

The oil giant has now lost its bid for the coverage of $750 million toward the Transocean spill. The Texas Supreme Court has now made a ruling that brings devastating insurance news to BP, which has learned that the Transocean Ltd. policies for the 2010 disaster in the Gulf of Mexico will not be providing the company with the $750 million that it had been seeking from them to cover the costs of the spill. The decision against BP directly conflicts with one that had been made last year by…

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

Julie Campbell
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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Insurance news for BP grants them access to payments for 2010 oil spill

G. Turner
insurance news Deepwater Horizon Oil Spill 2010

The company won a ruling in appeals court that will provide it with a payment of $750 million. BP has just won a ruling in an appeals court that is making insurance news, as it has provided it with Transocean Ltd. coverage payments worth $750 million in order to cover costs from the oil spill in the Gulf of Mexico in 2010. The U.S. Court of Appeals reversed a previous decision that had been made on the case. The ruling that had previously denied access to the funds to BP…

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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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New investigation may enable American insurance companies to seek money from BP in the wake of last year’s oil spill

H. Cutner

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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