BP Plc isn’t covered under Transocean Ltd.’s insurance policies for the doomed Macondo well project, the Texas Supreme Court said, blocking the oil company’s access to $750 million to pay costs from the 2010 spill. The decision conflicts with an earlier ruling by a U.S. appeals court that Transocean’s carriers couldn’t deny coverage for pollution-related liabilities for a disaster that has already cost BP more than $28 billion. The appeals court later withdrew the opinion and asked the Texas justices to rule on contract interpretation. The Texas Supreme Court said Transocean’s insurance policy had to be read in context with the company’s drilling contract with BP, as the two documents “are inextricably intertwined.” BP can’t claim status as “an additional insured” because of limits in the drilling contract, the Texas court said. “BP is not entitled to coverage under the Transocean insurance policies for damages arising from […]