5th Circ. Says Lloyd's Must Pay For Wreck Removal

Law360, New York (July 28, 2010, 7:20 PM EDT) -- A federal appeals court vacated a ruling Wednesday that would have spared underwriters at Lloyd's of London from paying $2 million for wreck removal costs under a protection and indemnity policy issued to the sunken liftboat's owner.

The U.S. Court of Appeals for the Fifth Circuit ruled that a lower court had correctly held that the wreck removal costs were covered by the policy but wrongly denied recovery based on an incorrect finding that the value of the salvage of the vessel exceeded the removal costs....
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