Bogus Pirate Attack Scuttles Bank's $77M Insurance Claim

Law360, London (October 7, 2019, 2:06 PM BST) -- Hiscox and other insurers do not have to pay a Greek bank $77 million for an explosion aboard an oil tanker because the ship's owner orchestrated a fake pirate attack to keep his floundering businesses afloat, a London judge ruled Monday.

A High Court judge has ruled that insurers do not need to cover the cost of a pirate attack on an oil tanker because the ship's owner organized the incident. (AP) Judge Nigel Teare ruled at the High Court that Greek lender Piraeus Bank AE, which provided a mortgage for the ship, can not pin the cost of the incident...

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