(November 18, 2015, 10:57 AM EST) -- NEW ORLEANS — The owner of a drilling rig and various underwriters recently argued before the Fifth Circuit U.S. Court of Appeals whether $16,969,860 in damages to the rig was covered under two cover notes (Seahawk Liquidating Trust, as Trustee of Seahawk Drilling Inc. v. Certain Underwriters at Lloyd's London, et al., No. 15-30324, 5th Cir.).

Policy

J/U SEAHAWK 3000 is a jack-up drilling rig owned by Seahawk Liquidating Trust, as trustee for Seahawk Drilling Inc. The rig was insured by two cover notes issued by...