BP Covered Under Transocean's Insurance For Pollution Liabilities From Gulf Oil Spill

摘要

Transocean's primary and excess-liability insurers are obligated to cover BP's pollution-related liabilities stemming from the April 2010 oil spill in the Gulf of Mexico, the U.S. Court of Appeals for the Fifth Circuit has held (Deepwater Horizon, In re (Ranger Insurance Ltd. v. Transocean Offshore Deepwater Drilling Inc.), 5th Cir., No. 12-30230, 3/1/13). The March 1 decision gives BP access to $750 million in Transocean's insurance coverage. "The umbrella insurance policy-and not the indemnity provisions of Transocean's and BP's contract-controls the extent to which BP is covered for its ooera-tions under the Drilling Contract," the court said. The policy "imposes no relevant limitations upon the extent to which BP is covered."