Lloyd's Underwriter Can Rescind Marine Policy, Judge Says

Law360, New York (October 10, 2013, 3:29 PM EDT) -- Following a bench trial in Puerto Rico federal court, an underwriter at Lloyd's of London on Tuesday won a ruling that it could void a marine insurance policy because the policyholder misrepresented the value and condition of a dry dock that later sunk.

U.S. District Judge Francisco Besosa upheld Catlin's decision to nullify an insurance policy issued to San Juan Towing & Marine Services Inc., which represented that the floating dry dock was worth $1.75 million even as it put the dock up for sale for...
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