Shipyard In Guam Seeks Coverage Over Vessel Loss

Law360, New York (May 27, 2011, 4:03 PM EDT) -- A former U.S. Navy ship repair facility in Guam, which is now privately owned, lodged a suit Thursday seeking $7.3 million in coverage from its insurers for the sinking of a dry dock vessel and environmental mitigation.

Guam Industrial Services Inc., otherwise known as Guam Shipyard, and its CEO Mathews Pothen say they suffered about $6.9 million in damage when the vessel sank and spent about $400,000 cleaning up petroleum substances, waste materials and other contaminants.

But their insurers, Zurich American Insurance Co. and Starr Indemnity...
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