Hull underwriters have failed in an attempt to recover a $22m payout for the loss of a bulker, even though the claim was fraudulent.
Insurers led by Aspen Underwriting settled a claim for the total loss of the 27,209-dwt geared bulker Atlantik Confidence (built 1996) in the Gulf of Aden in 2013, although it was deliberately sunk by the master and chief engineer on the instructions of Turkish shipowner Ahmet Ali Agaoglu.
