Insight and Intelligence on the London & International Insurance Markets

25 February 2018

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Litigation ongoing over $1.3bn SBM claim

Matthew Neill 7 February 2017

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...

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This article was published as part of issue February 2017/1

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