Insurers Settle $29M Sunken Ship Claim After 11th Hour Delay

Law360, London (June 13, 2019, 3:38 PM BST) -- A trial that was due to kick off this week dealing with a $29 million dispute between a Greek shipping company and U.K.-based global insurer Royal & Sun Alliance PLC has been scrapped after the parties reached a last-minute settlement.

Double Eight Marine SA’s claim against RSA and 15 other insurers seeking damages for the grounding of a bulk carrier had been due to head to trial on Thursday, but is no longer being pursued after the parties reached an out-of-court settlement.

Judge Richard Jacobs had already adjourned the proceedings on Monday, the first trial start date, after the sides asked...

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