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

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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Homeowners insurance discounts wrongly denied

An administrative judge has ruled that the discount forms used by the state’s property insurers are flawed. In a ruling that could potentially rock the entire homeowners insurance industry in Florida, an administrative judge has deemed the forms used by property insurers throughout the state for the calculation of premiums discounts to be highly flawed and that they must be completely rewritten. The decision from the judge could lead to massive implications for policyholders in the state. Many residents of Florida have made special efforts to hurricane proof their homes…

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