Lloyd’s of London Insurance Syndicates Take Legal Action against BP over Gulf Oil Spill Claims


The catastrophic Gulf of Mexico oil spill that started after a rig explosion in April of 2010 is now widely regarded as the largest oil spill in history. The owner and principal operator of the oil field where the rupture occurred is BP (formerly British Petroleum), which was leasing the rig in question from Transocean, Ltd. Transocean personnel were also operating the rig at the time of the accident.

A recent article in the Times Online, Lloyd’s syndicates launch legal action over BP insurance claim, revealed that BP had no external insurance for such an accident. Even though the US government has named BP as the responsible party in the accident, the company has continued to blame Transocean for the accident, and recently attempted to make $700 million in insurance claims against insurance coverage held by Transocean.

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