Live Insurance News

Oil insurance risks are growing worldwide

May 6, 2014May 3, 2014 G. Turner

The situation worldwide is proving that instability doesn’t seem to have any intention of disappearing. While oil insurance has always been a form of coverage in which payouts for claims have traditionally been quite high, the risks associated with that protection are continuing to rise as instability throughout the globe – particularly in drilling countries – increases or refuses to settle. The crisis currently underway in Ukraine is only one reminder of the dangers that are occurring. When it comes to the areas in the world in which companies are…

Oil insurance ruling for BP withdrawn by appeals court

September 6, 2013September 3, 2013 Julie Campbell

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…

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

March 4, 2013March 4, 2013 G. Turner

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…

Judge decides BP oil spill not covered by Transocean Insurance

November 17, 2011May 7, 2013

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.…