As the European Union prepares to impose sanctions on Iran and breaks its trade agreement with the nation, the maritime insurance industry is facing a bleak and complicated future. Insurers will not be the only ones to suffer from the move, however, as countries that depend on oil from the Middle East will also feel the impact of the action. Even countries that do not rely on Iranian oil are claiming that the EU’s actions will have a major effect on their economies. Such is the case in India, where…
Read MoreTag: Lloyds
Federal judge declares al-Qaida owes $9.3 billion for damages done in 9/11 attacks
Nearly one month ago, Lloyd’s of London, one of the largest insurance organizations in the world, levied allegations against prominent figures and organizations in Saudi Arabia regarding the September 11 attacks in the U.S. The insurer sought to recover money from the event, an initiative that was met with staunch opposition from the United Nations and other groups. The controversy surrounding the issue ultimately pressured Lloyd’s to discontinue its efforts. This, however, was not the end of the matter for the U.S., as a magistrate judge in New York took…
Read MoreLloyd’s of London files suit against prominent organizations in Saudi Arabia holding them responsible for 9/11 attacks
The attacks against the U.S. on September 11, 2001, have had a profound impact on nearly every aspect of life throughout the whole of the world. Terrorism is now a word that nearly everyone knows, a word that invokes varying degrees of discomfort for those that hear it. While many caught in the attacks have finally begun to put the broken pieces of their lives back together, Lloyd’s of London, one of the largest insurance companies in the world, has filed a federal lawsuit against those it believes are responsible…
Read MoreMichael Jackson concert insurers ask judge to void policy
The insurers of the intended comeback “This Is It” tour concerts by Michael Jackson have asked an L.A. judge to invalidate concert promoters’ policy for non-appearance. They claim that they should not have to honor the policy as they had not been advised that the now deceased pop star was taking drugs at the time, “including, but not limited to, his apparent prescription drug use and/or drug addiction,” as well as the anesthetic, propofol, which has been blamed for Jackson’s death. Lloyd’s of London underwriters have also sued Jackson’s company…
Read More