Insurer Hit With €36.8M Suit Over Undelivered Ferries

Law360, London (June 12, 2020, 4:40 PM BST) -- A Norwegian cruise ferry operator is suing a Portuguese insurer in London to recover €36.8 million ($41.6 million) that it paid to a financially struggling Spanish shipbuilder that has not delivered two passenger vessels.

The litigation filed at the High Court by Havila Kystruten AS claims that Abarca Compania De Seguros SA has refused to honor the terms of insurance bonds it took out in 2019 pay millions of euros to the shipbuilder.

The ferry operator submitted claims to Abarca in March 2020 stating that the shipbuilding contracts had been terminated. The company said the advance payments it had made for...

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