Shipper Shoots For $1.9M Payout From Chinese Insurer

Law360, London (August 28, 2020, 1:59 PM BST) -- A shipping company whose vessel sank is looking to retrieve $1.9 million under a $38 million marine policy, after Chinese insurer Sunshine Property and Casualty refused to pay out and sued the ship's owner for allegedly overvaluing the freezer trawler.

Pelagic Fishing Corp. said that it is claiming a $1.9 million payout at the High Court from Sunshine Property and Casualty Co. for the Kapitan Veselkov, which went down off the coast of Guinea, West Africa

The amount represents 5% of the fishing company's $38 million hull and machinery cover with Sunshine's Shenzhen office. Pelagic said in its Aug. 21 counterclaim...

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