Lloyd's Joins Insurers' Suits To Void $88M Shipping Policies

Law360, London (April 7, 2021, 2:10 PM BST) -- The Belgian branch of Lloyd's of London has joined a consortium of insurers that have sued a shipping company to avoid paying out under marine policies totaling approximately $88 million, after they claimed that a sunken vessel was overvalued and a scrapheap candidate.

Brussels-based Lloyd's Insurance Company S.A. has been added as a claimant in two disputes against Pelagic Fishing Corp., according to a March 30 order at the High Court in London. Pelagic hopes to claw back money under insurance policies covering the Kapitan Veselkov, a fishing vessel that sank off the coast of Guinea, West Africa.

Chinese insurer Sunshine...

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