Lloyd's Hit With $41.6M Verdict In Offshore Rig Damage Row

Law360, Houston (May 12, 2017, 8:11 PM EDT) -- Following a five-week trial, a panel of jurors in Harris County on Friday returned a $41.6 million award in favor of Prime Natural Resources in its coverage dispute with insurer Lloyd's over damage caused to a drilling rig in the Gulf of Mexico during Hurricane Rita in 2005.

The jury awarded Prime $1.8 million in damages, $10.9 million on six findings of bad faith by the Lloyd's of London in adjusting and handling the claims and $27.3 million after finding that five of the six instances of bad faith were knowingly committed by the insurer. The panel also awarded $1.6 million...

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