Oil Blowout Device Maker Has $500M in Liability Insurance

The Houston, Texas-based manufacturer of a fail-safe device on the oil well that is spewing crude into the Gulf of Mexico has $500 million in liability insurance for legal claims.

Cameron International Corp. says in a statement that authorities are still investigating and it has already been named in several lawsuits. It said it cannot predict if it has liability for the accident that is threatening the U.S. coast from Louisiana to Florida.

The company said in a release to investors and regulators that it manufactured the blowout preventer used on the undersea oil well when an explosion and fire destroyed the rig, which was owned by Transocean Ltd and was drilling for BP PLC.

Cameron has been named among other companies in a first rush of lawsuits seeking damages for the rig accident and oil spill.