Insurers Hit Back In $23M Lawsuit Over Scrapped Ships

Law360, London (November 26, 2020, 2:01 PM GMT) -- A group of 12 insurance underwriters including Axis, Munich Re and Tokio Marine have told a London court that a finance company was fully aware that a fleet of ships was likely to be scrapped as they hit back in a $23.7 million claim.

Fleetscape, a boutique financier to the offshore oil industry, says it is entitled to recover the money it put up as security for loans after the vessels were allegedly broken up without permission. But the insurers argue in their defense, filed at the High Court on Monday, that Fleetscape NSMH Ltd. cannot claim to have been surprised...

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