Appeals Court Weighs Lloyd's Duty To Pay Oil Well Costs

Law360, Houston (September 18, 2013, 10:33 PM EDT) -- An oil and gas operator told a Texas appeals court Wednesday that Lloyd’s of London is being allowed to improperly withhold $4 million in coverage owed under a policy that insured offshore drilling assets damaged by Hurricane Rita in 2005.

Prime Natural Resources Inc. argued to the First District Court of Appeals that Harris County District Judge Michael Gomez misinterpreted the terms of the insurance policy covering a drilling platform and adjacent wells in the Gulf of Mexico when he entered an order denying Prime’s bid...
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