Judge Rules for B&W and McDermott Regarding Insurance for Asbestos Claims

Wednesday, January 09, 2002
In a ruling issued January 4, 2002, Judge Sarah S. Vance of the U.S. District Court for the Eastern District of Louisiana granted Babcock & Wilcox's and McDermott International, Inc.'s (NYSE: MDR) motions for summary judgement against a group of London underwriters and dismissed the declaratory judgment action filed by the insurers. The underwriters had sought to annul an agreement which acknowledges coverage for B&W's asbestos exposure and sets forth the agreements of the insurers to pay claims within that coverage.

In her ruling, Judge Vance concluded that the underwriters' claims lacked a factual or legal basis. The agreement with the underwriters went into effect in April 1990, and over the years, has served as the allocation and payment mechanism to resolve many of the asbestos claims against B&W. "This ruling reflects the extent of the underwriters' contractual obligations and underscores that this coverage is available to settle B&W's asbestos claims," said Bruce Wilkinson, chairman of the board and chief executive officer of McDermott.

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Philippines to Buy Naval Assets, China Sea Dispute Simmers

The Philippines aims to buy two frigates, two helicopters and three gunboats for deployment in the South China Sea where a territorial dispute with China has lent

Maersk: Rate Hike Under Pressure on Low Demand

Container shipping firm Maersk Line said a fresh attempt made on Monday to raise freight rates on main routes from ports in Asia to those in northern Europe was

WCI Applauds Barge Diesel Fuel User Fee Increase

Waterways Council, Inc. (WCI) and its members and stakeholders applauded the Senate’s passage, by a vote of 76 to16, of a 9-cent increase to the barge diesel fuel user fee.

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction 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: 0.2132 sec (5 req/sec)