On 9th October, American Shipper reported a court case involving the loss of the 1992-built, 150,000-deadweight-ton Brilliante Virtuoso. Bought for $46 million, by 2011, the ship was worth only $13.5 million and after a series of refinancings, the owners were receiving notices of default. The Brilliship was insured for $77 million though, almost 6 times its value. The tanker loaded a cargo of fuel oil in Kerch, Ukraine, in 2011 for transport to China. However, it was subsequently lost in a fire started by the detonation of an improvised explosive incendiary device, seemingly placed by armed men who boarded the ship. The ship was badly damaged and was scrapped. The insurance claims was rejected on the grounds that the fire was deliberately set, and a High Court agreed with this interpretation. The most recent, and long trial, was the result of a case brought by a bank, which argued that it should be paid by the insurers even if “wilful misconduct of the owner” was proven. This claim was also rejected.
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