Shipowner Settles $14M Insurance Suit Over Tanker Bombing

Law360, London (July 9, 2021, 6:21 PM BST) -- A Saudi shipowner has settled with a Bermuda-based insurer it claimed unlawfully refused to pay out under a war risk policy after its oil tanker was bombed while docked in the United Arab Emirates.

High Court Judge Andrew Henshaw said in a newly public July 2 order that the parties agreed to settle the suit. As a result, he withdrew the claims and declared, "the proceedings are hereby discontinued."

The order did not include details of the agreement and representatives for the parties did not immediately respond to Law360's requests for comment.

The suit was filed by Al Mubarakah Navigation Company...

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