Financier's Insurance Suit Seeks $23.7M For Scrapped Ships

Law360, London (October 2, 2020, 7:32 PM BST) -- Fleetscape, a boutique financier to the offshore oil industry, is seeking more than $23.7 million in its claim against a dozen underwriters, including Axis, Munich Re and Tokio Marine, saying ships that were security for loans it provided were scrapped without its authorization.

In an amended claim form filed with the High Court, Fleetscape NSMH Ltd. says it is entitled to recover the money it loaned to Montrose Marine Ltd. for the vessels, which are now either a total loss or so damaged that the costs of repair exceed their current value.

Fleetscape, a Cayman Islands company, says it was the...

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