BP can access Transocean's insurance policies to help pay for Gulf of Mexico oil spill-related liabilities, an appeals court ruled. BP argued that its contract with Transocean over the Deepwater Horizon rig and Macondo well project should allow it to be covered in Transocean's policies. "Applying Texas law, especially as clarified since the district court's decision, we find that the umbrella insurance policy -- not the indemnity provisions of Transocean's and BP's contract -- controls the extent to which BP is covered for its operations under the drilling contract," the court said.

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