Lloyd's Unit Drags Chinese Insurer Into $29M Oil Spill Fight

Law360, London (May 19, 2020, 5:31 PM BST) -- Lloyd's syndicate Novae has dragged a Chinese insurance giant into a suit over $29.2 million it refused to pay out to a Singapore-based shipping company whose vessel was impounded by the Indonesian government for causing a massive oil spill.

Judge Andrew Baker has granted Novae Corporate Underwriting Ltd. permission at the High Court to add PICC Property and Casualty Co. Ltd. to a suit in which Everest Shipping Pte. Ltd. is suing it for the full cost of its ship, according to an order dated May 12.

Everest has claimed that it had a war risk insurance policy with Novae that...

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