Transocean Policies Won't Cover BP, Texas Justices Told

Law360, Houston (January 24, 2014, 5:13 PM EST) -- Transocean Ltd., Ranger Insurance Ltd. and Lloyd's of London told the Texas Supreme Court on Thursday that BP PLC could not recover losses sustained in the Deepwater Horizon oil spill under insurance policies worth $750 million held by Transocean.

In separate briefs filed with the Texas high court, Transocean and the insurers argued that because BP had assumed certain risks in its drilling contract, it could not claim coverage for those liabilities under Transocean’s policies as an “additional insured.” The court should read the drilling contract...
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