Exxon wins $250M judgement against Lloyd's over Valdez.(Exxon Corp., Lloyd's of London, Exxon Valdez)

National Underwriter Property & Casualty-Risk & Benefits Management, June, 1996 by Howard, Lisa S.

LONDON--In a coverage dispute over the Exxon Valdez oil spill, EDcon Corp. last week won a $250 million judgment against underwriters at Lloyd's of London. A jury found that the 1989 grounding of the Exxon Valdez, which spilled 37,000 tone of crude oil into Alaska's Prince William Sound, could not have been foreseen, and therefore should be covered by Exxon's cargo liability policy.

During the course of the five-week trial, J. Donald Bowen, the lead Exxon attorney, told the jury Exxon admitted responsibility for the accident and since has done everything possible to rectify the error, notably spending $3.5 billion for the cleanup, third-party damages and restitution to the federal government. "We admitted our responsibility, we cleaned up our mess and we said...

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