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

People & Company News

Norman Murray, Petrofac Chairman Quits

Petrofac, the international oil & gas facilities service provider, today announces that Norman Murray, who has been Chairman since May 2011, has resigned from

MN 100: AEP River Operations

16150 Main Circle Drive, Suite #400 St. Louis, MO 63017 Tel: (636) 530-2100  Email: info@aepriverops.com Website: www.aepriverops.com President: Keith Darling The

MN 100: Caterpillar Marine

Neumühlen 9 22763 Hamburg/Germany Tel: (713) 895-1449 Email: cat_power@cat.com Website: www.marine.cat.com Managing Director: Nigel Parkinson The Company: Caterpillar

Finance

Polynesian Shipping Sold to Neptune Pacific Line

The Board of Polynesian Shipping Line Limited, Apia informed   that the business and the Company’s associated investments have been sold to Neptune Pacific Line Limited.

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

W.Africa Crude Slow to Trade; Nigerian Glut Fading

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Simulators Sonar
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: 0.1275 sec (8 req/sec)