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.
http://www.liveinsurancenews.com/judge-decides-bp-oil-spill-not-covered-by-transocean-insurance/856469/
