Gulf Island's Crane Rental Coverage Limited To $450K

Law360, New York (April 12, 2011, 12:55 PM EDT) -- A Louisiana federal judge ruled Friday that offshore drilling company Gulf Island Fabrication Inc. could only recover $450,000 for crane rental expenses as part of a $110 million policy it bought from an American International Group Inc. unit.

The $450,000 sublimit on reimbursement for rental expenses was excluded from the policy by mutual mistake, and therefore did not reflect the intent of Gulf Island and National Union Fire Insurance Co. of Pittsburgh, Pa., according to Judge Carl J. Barbier of the U.S. District Court for the...
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