Nearly 12 years after Hurricane Rita ripped through the Gulf of Mexico, a Texas jury last week ordered an insurer to pay over $41 million to an oil company that lost an offshore oil-drilling platform and well, including $28 million in punitive damages and more than $1.6 million in attorney fees.
The six-week trial revolved around claims by Houston-based equity firm Prime Natural Resources that the well's insurer, Lloyd's of London, improperly refused to reimburse some of the expenses it incurred to repair and replace it.
Prime was seeking $1.8 million in damages and more than $1 million in attorney fees; lead plaintiffs attorney John Zavitsanos of Houston's Ahmad, Zavitsanos, Anaipakos, Alavi & Mensing said that, once interest and statutory penalties are factored in, he expects the award to climb by a few million dollars more.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
