Lloyds

NEW YORK – Lloyd’s underwriters and other insurers have been ordered to pay Citgo Petroleum Corp. more than $49 million to compensate for the loss of oil cargo during political unrest in Venezuela. The decision was made by a federal jury in New York. The dispute arose from the theft of oil cargo from a Citgo facility in Venezuela during a period of political turmoil in the country. Citgo argued that the insurers were liable under its policy for the lost cargo. The insurers, however, contended that the theft was not covered by the policy. … Read more