UK High Court Rules Insurers Do Not Owe $663 Million for Nord Stream Explosions

UK High Court Rules Insurers Do Not Owe $663 Million for Nord Stream Explosions

The High Court in London ruled that a group of Western insurers does not need to pay out a €580 million ($663 million) claim over the explosions that destroyed the Nord Stream gas pipelines, Financial Times reported on July 7. Judge Dame Clare Moulder determined that a “war exclusion” clause applied to the insurance policies, allowing Lloyd’s of London, Arch, and other underwriters to avoid what would have been one of the largest infrastructure …

Western insurers don’t have to cover the Nord Stream sabotage, London’s High Court rules

London’s High Court has ruled that Western insurers are not required to cover the damage from the sabotage of both Nord Stream pipelines, the Financial Times reported, citing the court ruling.

Insurers Avoid €580 Million Hit From Nord Stream Pipeline Blasts

The insurers of the Nord Stream pipelines don’t have to pay €580 million ($662 million) after a judge ruled that the sabotage of the pipes bringing Russian gas into Europe was the consequence of the war in Ukraine.