Insurer Challenges $2M Oil Rig Damage Claim

Law360, New York (February 4, 2014, 1:25 PM EST) -- American Home Assurance Co. said Monday that it has no duty to indemnify oil field services company  Oceaneering International Inc. for $2 million stemming from faulty repairs on a Chevron USA Inc. oil rig, arguing a business risk exclusion in the policy frees it from coverage.

In a memorandum in support of its motion for summary judgment, AHAC said Oceaneering’s reliance on a Fifth Circuit opinion — which Oceaneering claims establishes that the repairs qualify as property damage covered by its policy — is incorrect and...
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