Swiss firm that lost biodiesal to pirates sues Amlin for £8.9m
Lloyd’s insurer Amlin is facing an £8.9m claim after Somali pirates hijacked the Bunga Melati Du tanker loaded with biodiesel on its way from Malaysia to Rotterdam the Mail’s This is Money website reports.
Swiss commodities trading company Masefield AG Amlin over her cargo. Masefield says as soon as the pirates seized the ship the two parcels of palm oil became a total loss, and that it served a 'notice of abandonment' on September 18, seeking payment of its value from insurers. But according to a High Court writ, Amlin has breached its insurance deal by refusing to meet Masefield's claim
In its writ, Masefield says that when the cargo was discharged at Rotterdam, it could not be sold immediately: with the approach of winter, the amount of palm oil that can be blended with other oils to make biodiesel falls and its price drops dramatically. The cargo is currently being stored until it can be sold on behalf of insurers for a reasonable price, the writ claims. Masefield is suing Amlin for £8.9m, plus damages and interest.
