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Occidental Sues Lloyd's Over Pipeline Policy

April 04, 2002|Bloomberg News

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.

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