Title Insurance did not Include Casino Vessel Being Built

Monday, April 26, 2004
The U.S. Court of Appeals for the Fifth Circuit ruled that title insurance written to cover a real estate project for a gaming development did not include a casino vessel that was under construction at a distant location. In the instant case, a financial institution loaned monies to a casino company to build a gaming development. The development was to include both a landside infrastructure and a casino vessel. The casino vessel was to be built at a remote location and towed to the site when completed. The insurance used to protect to investment was a slightly modified version of a standard real estate title insurance policy. Construction of the casino vessel went far over budget and the shipyard brought suit, forcing the gaming company into bankruptcy. The financial institution then attempted to recover its losses from the insurance company. The court held that the policy as written did not include coverage of the financial institution’s security interest in the casino vessel. In the Matter of Biloxi Casino Belle, Inc., No. 03-60348 (5th Cir.) - HK Law.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Ingram to Build 20 Tank Barges in 2015

Ingram Barge Company announced that it will build 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank

Webinar: 3D Laser Scanning in the Marine Industry

Maritime industry professionals have increasingly taken notice of 3D laser scanning in recent years as acceptance for the technology and its applications mounts throughout the sector.

AEGIR-Marine Partners with On Site Alignment

AEGIR-Marine and On Site Alignment (OSA) signed a contract at SMM in Hamburg confirming the companies’ strategic alliance concerning stern seal and propulsion service

Finance

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

Global Ship Lease to Acquire Containership

Global Ship Lease, Inc. has  announced  that it has agreed to acquire a 8,063 TEU containership from a leading container liner company for a purchase price of $55 million.

Oil Edges Below $99 but Supply Risks in Focus

Oil traded slightly lower below $99 a barrel on Thursday, pressured by ample supply and concern over the weakening of demand growth in major consumer nations, as well as a rise in the U.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Port Authority Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2282 sec (4 req/sec)