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

Legal

Suspected Migrant Smugglers Arrested

German police arrested three men on Wednesday suspected of belonging to an organised criminal group that smuggles people from Africa to the European Union.   Around 7,

US Navy Settles Environmental Violations

A settlement between the U.S. Environmental Protection Agency and U.S. Navy will help reduce potentially harmful discharges of ozone-depleting substances and ensure

Maersk Issues 'letter of undertaking' to Iran

Maersk Line said on Wednesday it had provided a letter of undertaking in relation to uncollected cargo that has led to the seizure by Iranian authorities of the vessel Maersk Tigris.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Sonar
rss | archive | history | articles | privacy | 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: 0.1100 sec (9 req/sec)