Litigation ongoing over $1.3bn SBM claim

London market carriers are embroiled in a legal fight over a
$1.28bn claim on a construction all risks policy in relation to
physical damage at a North Sea mobile offshore production unit
(MOPU) in 2012.
According to court documents, the insured, Single Buoy Mooring
(SBM), is seeking indemnity for damage to the Yme MOPU unit in the
Norwegian sector of the North Sea after the discovery of a
deficiency in the structure prompted its removal.
SBM is claiming a constructive...