Insurer Bids To Cut Costs In $14M Tanker Explosion Suit

Law360, London (October 6, 2020, 3:05 PM BST) -- The insurer of an oil tanker that was allegedly bombed while docked in a United Arab Emirates port has pushed to cut its potential payout under a war-risk policy by half, saying the repairs would probably have cost less than $7.5 million.

Cedar Insurance and Reinsurance Co. Ltd. has argued in a defense filing at the High Court that the cost of repairing the Al Marzoqah would not have exceeded the value of the threshold of the insurance policy "on the balance of probabilities."

Saudi shipowner Al Mubarakah, and two subsidiaries of a marine services company — Bihar International Co. Ltd.,...

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