BP sued by Transocean's excess insurers over spill

Lloyd's of London has asked a U.S. judge to declare that Transocean Ltd.'s excess insurance carriers have no obligation to cover BP P.L.C. against cleanup costs or damage claims resulting from the Gulf of Mexico oil spill. BP, which is self-insured against such losses, asked Lloyd's on May 14 for coverage under policies owned by Transocean Ltd., lawyers for the underwriters said in papers filed in Houston federal court.