Congress better get off it's ass and do something...

about Transocean trying to cite an 1851 maritime law to cap their liability for their sunken rig to only cover the salvage metal. That would be a mere 27 million dollars.

Transocean, doomed rig's owner, seeks to limit its liability | McClatchy

 

I understand that they were flying the flag of the Marshall Islands to limit the reach of US Regulations. Gotta love that.

 

It's called Limitation of Liability and it's always used in Maritimne Civil litigation.

This part:

Is flat out not true. Any maritime lawyer knows to file this in a case involving vessels and cargo right out of the gate.

 

It will be difficult to get something thru congress, especially the Senate. The oil companies will always be able to find someone to carry their water. Alaska's Murkowski has already blocked legislation that would have dramatically increased liability caps on oil companies. If the situation was reversed and the leak was in Alaska, Vitter or Landrieu would probably do the same. Making companies responsible for the damage they cause would be socialism or something...

 

Surely you're not suggesting that Transocean's attorneys should commit malpractice and ignore a legally available remedy? Besides, this one is on BP and it's contractors and suppliers.

 

A company the size of BP will be self-insured. This doesn't come anywhere near threatening their survival, but they will fight to the end (it's in their shareholders' interest), and they will only pay a fraction of the total costs.

 

Nope. The policies have limits. Those limits will be ponied up and it still won't be nearly enough.