BP Loses Bid for $750 Million Transocean Insurance for Oil Spill

(Bloomberg) — BP Plc isn’t covered under Transocean Ltd.’s insurance policies for the doomed Macondo well project, the Texas Supreme Court said, blocking the oil company’s access to $750 million to pay costs from the 2010 oil spill.

The decision conflicts with an earlier ruling by a U.S. appeals court that Transocean’s carriers couldn’t deny coverage for pollution-related liabilities for a disaster that has already cost the oil company more than $28 billion.

To contact the reporter on this story: Margaret Cronin Fisk in Detroit at [e-mail]

To contact the editor responsible for this story: Charles Carter at [e-mail]