Oil insurance ruling for BP withdrawn by appeals court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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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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