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Judge: BP Can't Tap $750M in Coverage Held by Deepwater Horizon Rig Owner

BP has lost two big rulings in its fight to shield itself from potentially having to pay billions of dollars more in damages related to the worst offshore oil spill in U.S. history, though the company was able to limit some of its future exposure.

By Harry R. Weber and Kevin McGill, Associated Press | Updated on November 16, 2011

NEW ORLEANS (AP) — BP has lost two big rulings in its fight to shield itself from potentially having to pay billions of dollars more in damages related to the worst offshore oil spill in U.S. history, though the company was able to limit some of its future exposure. 

A federal judge ruled Tuesday that BP PLC is not entitled to coverage for the spill under insurance policies totaling $750 million held by Transocean Ltd., owner of the Deepwater Horizon rig that BP was leasing at the time of last year’s Gulf of Mexico disaster. 

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