Insurer Denies Liability For $30M Damage In Oil Supply Crash

Law360, London (May 26, 2021, 1:06 PM BST) -- A Saudi insurer has fought back against a claim by a French engineering company seeking to recover $30 million it paid in a settlement over damage caused when a ship crashed into an oil platform, saying it had not approved the deal.

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. told the High Court in its defense that it should not have to cover losses that the engineering firm, Technip, had to pay out when a supply ship that it was operating, the Maridive-43, crashed into a platform in the Persian Gulf. 

Technip paid out $25 million in a settlement...

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