BP Loses Bid for $750 Million Transocean Spill Insurance
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BP Plc isn’t covered under Transocean Ltd.’s insurance policies for the undersea well blowout that caused the 2010 Gulf of Mexico disaster, the Texas Supreme Court said, blocking the oil company’s access to $750 million for spill costs.
The decision conflicts with an earlier ruling by a U.S. appeals court that Transocean’s carriers couldn’t deny coverage for pollution-related liabilities for a spill that has already cost BP more than $28 billion. The appeals court later withdrew the opinion and asked the Texas justices to rule on contract interpretation.