Citgo Petroleum Corporation v. Ascot Underwriting Limited, for and on behalf of Lloyd's Syndicate 1414 et al

  1. December 19, 2023

    Citgo Wins $49M Jury Verdict In Oil Cargo Loss Dispute

    Lloyd's underwriters and other insurers must pay Citgo Petroleum Corp. over $49 million to cover the costs of oil cargo lost during political unrest in Venezuela, a New York federal jury held on Monday, finding that insurers had violated the terms of the U.S. refiner's policy.

  2. October 10, 2023

    Citgo Says Insurers Must Cover $60M Oil Cargo Loss

    Lloyd's underwriters and other insurers must cover Citgo Petroleum Corp.'s $60 million loss of oil cargo during political unrest in Venezuela, Citgo told a New York federal court, saying the carriers have misstated and ignored policy language and key facts in trying to avoid coverage.

  3. March 16, 2023

    Insurers Can't Yet Duck Coverage For $40M Citgo Cargo Loss

    Underwriters at Lloyd's of London and other insurers cannot yet escape covering Citgo Petroleum Corp. for the loss of $40 million in crude oil cargo resulting from political unrest in Venezuela, a New York federal judge ruled, finding that the cargo was insured upon being loaded onto the vessel.