G.R. No. 136960 - IRON BULK SHIPPING PHILIPPINES, CO., LTD., VS. REMINGTON INDUSTRIAL SALES CORPORATION. DECISION - Supreme Court E-Library

Ruling

WHEREFORE, the Court finding preponderance of evidence for the plaintiff hereby renders judgment in favor of it and against all the defendants herein as follows: Ordering defendant Pioneer Asia Insurance Corporation to pay plaintiff the following amounts: a) P544,875.17 representing the loss allowance for the goods insured, plus interest at the legal rate (6 % p.a.) reckoned from the time of filing of this case until full payment is made; b) P50,000.00 for and as attorney's fees; and c) the cost of suit. Ordering defendant Iron Bulk Shipping Co. Inc. immediately upon payment by defendant Pioneer of the foregoing award to the plaintiff, to reimburse defendant Pioneer the total amount it paid to the plaintiff, in respect to its right of subrogation. Denying the counterclaims of all the defendants and the cross-claim of defendant Wangs Company, Incorporated and Iron Bulk Shipping Co., Inc. for lack of merit. Granting the cross-claim of defendant Pioneer Asia Insurance Corporation against defendant Iron Bulk by virtue of its right of subrogation. Dismissing the case against defendant Wangs Company, Inc. SO ORDERED.