Misappropriation, fraudulent documents and non-physical loss…

Corruption, Marine Insurance, Maritime Fraud — By on April 24, 2018 at 1:20 PM

Misappropriation, fraudulent documents and non-physical loss: the Commercial Court provides clarification on the proper construction of All Risks marine cargo cover

Engelhart CTP (US) LLC v Lloyd’s Syndicate 1221 for the 2014 Year of Account and others [27.03.2018]

On 23 April 2018 the judgment on the above action was handed down in the Commercial Court. The outcome of the case, in which Kennedys was instructed on behalf of the defendant insurers, will be welcomed by insurers as it provides certainty in respect of the proper construction of All Risks marine cargo policies.

The claimant assured brought a Part 8 claim in which they sought a declaration from the court that an All Risks Marine Cargo and Storage Insurance policy (the Policy) would respond even in the event that the cargo never actually existed.

The defendant insurers asserted that the Policy did not respond as an All Risks policy covers only losses flowing from physical loss or damage to goods which actually existed. Where parties intend for such a policy to extend to cover non-physical, economic losses, then the policy must contain express wording to that effect.

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