Munich Re Loses Marine Insurance Appeal Over Damaged Vessel

A Munich Re unit lost a marine insurance appeal after a federal appeals court said it’s unreasonable to require a vessel owner to have updated information on water conditions for all locations where the boat may travel.

Great Lakes Insurance SE must cover Martin Andersson’s damaged vessel because the policyholder never breached warranty requirements under the insurance policy, the US Court of Appeals for the First Circuit said on Friday, upholding a lower court’s order.

Andersson’s vessel, the Melody, ran aground off the coast of the Dominican Republic in December 2019. The boat didn’t have updated nautical charts on the ...