Chinese Insurer Sues To Void $38M Shipping Policy

Law360, London (July 15, 2020, 6:03 PM BST) -- Chinese insurer Sunshine Property and Casualty has sued a shipping company for allegedly misrepresenting the cost of its vessel, in a bid to avoid forking out under a $38 million marine policy after the ship sank off the coast of Guinea.

Sunshine Property and Casualty Insurance Co. said in its particulars of claim that it will not pay the amount open-ocean fishing company Pelagic Fishing Corp. has sought for the sunken vessel, named the Kapitan Veselkov. The fishing trawler, which was built in 1991, capsized and sank in February 2017 during a fishing voyage from Las Palmas in Spain to Durban,...

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