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

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction 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: 0.2155 sec (5 req/sec)