BP Can Tap $750M Transocean Insurance, 5th Circ. Says

Law360, New York (March 4, 2013, 1:37 PM EST) -- The Fifth Circuit on Friday handed BP PLC the key to Transocean Ltd.'s $750 million in coverage for the Deepwater Horizon oil spill, overturning a ruling that a drilling contract prevented BP from tapping into Transocean's insurance policies.

The appeals court sided with BP after finding that Transocean's policies did not limit BP's status as an additional insured for the disastrous spill. It nixed U.S. District Judge Carl Barbier's holding that indemnity provisions in BP's drilling contract with Transocean shut out the oil giant from coverage...
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