The $750,000,000 Missing Comma?

In April 2010, the mobile offshore drilling unit ("MODU") Deepwater Horizon suffered an explosion and catastrophic fire that led to the rig's sinking, the loss of eleven lives, and the largest oil spill disaster in U.S. history. The event sparked an onslaught of litigation, which was consolidated in a multi-district litigation ("MDL") proceeding in New Orleans. Transocean Offshore Deepwater Drilling Inc. ("Transocean") owned the rig and insured it through Ranger Insurance Co. Ranger provided $50 million in general liability coverage, and underwriters from London market syndicates provided four layers of excess coverage worth $700 million. The Ranger and excess policies contained materially equivalent terms. BP America Production Company ("BP") had entered a Drilling Contract with Transocean to employ the rig to exploit the Macondo well. Various BP companies were included as additional insureds under Transocean's policy.