Insurer Seeks $8M After Oil Tanker Attacked By Pirates

Law360, Washington (January 12, 2016, 2:28 PM EST) -- A company insuring an oil tanker held by pirates off the coast of Somalia for seven months alleged on Monday in a federal lawsuit in New York that oil giant Valero and an insurance company have failed to pay their fair share of the losses — more than $8 million — caused the ship’s seizure.

Groupement d'Internet Economique says that Valero Marketing and Supply Co. and Southern Marine and Aviation Underwriters Inc. have not paid any of money they owe under an agreement dividing the multimillion-dollar ransom paid to the pirates and other losses among a number of companies with a...

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Court

New York Southern

Nature of Suit

Contract: Marine

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Date Filed

January 11, 2016

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