Insurers Sue To Block Shipper's Bid For $50M Payout

Law360, London (August 2, 2019, 6:16 PM BST) -- Italian insurer Generali Italia SpA and 20 underwriters have accused the owners of a ship of misleading them about the vessel's true value, telling a London judge they do not have to pay out on a $50 million policy after the ship capsized.

The consortium told the High Court they are under no obligation to honor polices taken out by Pelagic Fisheries Corp. and the Greece-based Fairpoint Shipping Ltd. — which owned and managed a freezer stern trawler that sank off the Gulf of Guinea in February 2017 on a fishing expedition to Somalia.

The defendants have submitted a claim for...

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