Insurer Dodges $2M Bill Over Faulty Chevron Rig Repairs

Law360, New York (March 18, 2014, 12:15 PM EDT) -- A Texas federal judge said Monday an American Home Assurance Co. policy exclusion precludes it from having to indemnify oil field services company Oceaneering International Inc. for $2 million stemming from faulty repairs on a Chevron USA Inc. oil rig.

The provision limits coverage for preventative or curative acts taken to prevent future accidents or property damage, according to a memorandum and recommendation issued by U.S. Magistrate Judge Stephen Smith in February and adopted Monday by U.S. District Judge David Hittner.

The insurance coverage dispute arose...
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