Transocean Policy Can Cover BP For Spill, Texas Court Told

Law360, Dallas (November 21, 2013, 7:47 PM EST) -- BP PLC on Wednesday told the Texas Supreme Court it should be covered by Transocean Ltd.’s $750 million insurance policy for the Deepwater Horizon oil spill, arguing that to rule otherwise would create great uncertainty about oil and gas insurance contracts statewide.

A Fifth Circuit panel in August withdrew an earlier opinion siding with BP, saying it needs guidance from Texas Supreme Court on whether state precedent limits BP's status as an additional insured to the liabilities Transocean, the rig owner, assumed in the companies' drilling...
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