In legal circles, of course, we’ve been discussing the various legal options for those who caused the oil spill, but that’s not always been part of the MSM coverage. There’s a notable overview in a June 24 piece by John Schwartz in the New York Times.
It’s an overview, but at least it illustrates that nobody involved is buying the “don’t worry, BP will pay 100 percent” line. For one thing, it’s far from clear that BP will have enough money to cover all damages, and there are bound to be epic court battles. We got a dose of that in public, during congressional hearings, but the real finger-pointing will take place in court.
One of the more interesting issues involves insurance companies. While BP is self-insured, the drilling rig vendors are usually insured through a company. The famous Lloyds of London firm, for example, has already asked a federal judge to let its client Transocean, owner of the rig, off the hook because the spill wasn’t on the rig, but “under the surface” of the ocean. Actually, it’s a good point.
See the NYT overview here: http://www.nytimes.com/2010/06/25/us/25liability.html?dbk