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Logistics Firm Sues 18 Insurers Over Rust On Ship's Tanks

Law360, London (December 6, 2018, 5:25 PM GMT) -- An international logistics company is demanding $1.4 million from 18 insurance companies after storage tanks aboard its new ship allegedly began rusting just months after it bought the vessel.

Golden Pacific International & Holdings (S) PTE Ltd. is suing firms including HSBC Insurance (Singapore) PTE Ltd. and three syndicates at Lloyd’s of London, according to documents filed at London’s High Court.

The ship was delivered to the claimants in January 2008 and the crew spotted rust on its tanks in March of that year, Golden Pacific said. The tanks’ condition worsened, prompting expensive repair work in China and Dubai in the...
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