Occidental Sues Lloyd’s Over Pipeline Policy
Occidental Petroleum Corp. asked a court to order Lloyd’s of London and other insurers to cover hundreds of millions in losses from a terrorist campaign aimed at the company’s 480-mile Colombian oil pipeline.
The company claims the insurers have wrongly taken the position that each of the 266 bombings in the last two years was an isolated occurrence, applying a separate deductible to each one.
Occidental seeks to persuade the court that the attacks by rebels count as one occurrence that requires one deductible.
Occidental shares fell 27 cents to $29.50 on the NYSE.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
