Saudi Shipowner Sues Insurer For $14M Over Tanker Bombing

Law360, London (July 27, 2020, 6:22 PM BST) -- A Saudi shipowner has dragged Bermuda-based insurer Cedar to a London court for not paying out under a war risk policy after its $12.5 million fuel-carrying vessel was allegedly bombed while docked in the United Arab Emirates.

Al Mubarakah, which owned oil tanker Al Marzoqah, said it is looking to recover a total of $14 million from Cedar Insurance and Reinsurance Co. Ltd. The Saudi company is suing the insurer for breach of contract after it refused to pay out under a marine war risk policy taken out for 12 months from November 2018.

The vessel, which had a market value...

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