UK Top Court Urged By Insurers To Revive Sunken Ship Claim

Law360, London (November 4, 2019, 6:45 PM GMT) -- A group of underwriters argued at the U.K.’s highest court on Monday that England is the proper jurisdiction for assessing their claim for restitution against a Turkish shipping company’s bank over the deliberate sinking of a cargo ship.

Aspen Insurance and 12 other underwriters and insurers are seeking recovery of $22 million that they paid out to Kairos Shipping Ltd. after its ship the Atlantik Confidence sank off the coast of Yemen in April 2013. The proceeds were paid out under a hull and machinery policy that was later transferred to Netherlands-based Credit Europe Bank NV, under the terms of a...

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