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 February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Cruise Line Agrees to $500K Settlement for Disguising Sales Calls

Caribbean Cruise Line Inc. has agreed to a $7.73 million settlement after the Federal Trade Commission (FTC) and 10 state attorney generals sued the Fort Lauderdale-based

USCG Petty Officer Convicted, Sentenced

A Coast Guardsman was convicted and sentenced during a General Court-Martial in New Orleans, Thursday. Petty Officer 2nd Class Leonel Hinojosa, 32, was sentenced to reduction to E-1,

Hapag-Lloyd Warn About Verification by German Customs

Hapag-Lloyd has informed that for all import cargo to be discharged at the German ports of Hamburg and Bremerhaven the carrier is responsible to send a complete

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Simulators 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: 0.1297 sec (8 req/sec)