Lloyd’s Syndicate 457 v. FloaTEC, LLC

Underwriters filed suit against FloaTEC, claiming that they were subrogated to Chevron's right to sue FloaTEC for damages caused by tendon failures of a floating oil-drilling platform. The Fifth Circuit affirmed the district court's dismissal of Underwriters' claims with prejudice, holding that the district court correctly ruled on FloaTEC's motion to dismiss before addressing any issue concerning the arbitrability of Underwriters' claims. The court also held that the district court correctly found that FloaTEC was an "Other Assured" under the policy and could thus invoke the subrogation waiver. View "Lloyd's Syndicate 457 v. FloaTEC, LLC" on Justia Law