DVB Bank Pursues Lloyd's Insurers Over $11.1M Ship Loan

Law360, London (February 16, 2021, 5:00 PM GMT) -- German lender DVB Bank has launched a lawsuit in England against a group of Lloyd's of London underwriters seeking the repayment of $11.1 million in unpaid loans.

DVB Bank SE, which specializes in international transport finance, is suing 21 underwriters, including MS Amlin and Axis, for the outstanding amount at the High Court in London.

According to a Jan. 28 claim form that has been made public, the insurers have committed a "breach of policy" by failing to pay out after the Rio Apure crude oil tanker was declared a constructive total loss — a contract clause that is triggered when...

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