Excess Insurers Prevail In Row Over Carlyle's $396M Oil Loss
Law360 (July 23, 2020, 9:32 PM EDT) -- A New York judge has ruled that Carlyle Group affiliates cannot tap into excess insurance from underwriters at Lloyd's of London to cover part of the nearly $396 million in crude oil they lost when a Moroccan oil refinery was seized in 2015, holding that the losses did not trigger the policy's coverage for theft.
Justice O. Peter Sherwood granted the underwriters' motion for summary judgment, rejecting Carlyle's assertion that its oil was essentially stolen by refinery operator Societe Anonyme Marocaine de l'Industrie du Raffinage, or SAMIR.
Instead, after reviewing the evidence in the record, the judge concluded that Carlyle's losses...
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