$750M Transocean Policy Covers BP, Texas Justices Told

Law360, Dallas (March 11, 2014, 6:51 PM EDT) -- BP PLC on Monday countered argument from insurers Lloyd’s of London and Ranger Insurance Ltd. that the energy giant couldn't recover losses from the Deepwater Horizon oil spill under policies worth $750 million, telling the Texas Supreme Court that although the policies were owned by drilling contractor Transocean Ltd., it had paid for them.

In a reply brief, BP says it paid for the insurance coverage under a contractor-controlled insurance program bargained for in a separate drilling contract that required the contractor to maintain coverage and...
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