Misappropriation, fraudulent documents and non-physical loss
Engelhart CTP (US) LLC v Lloyd’s Syndicate 1221 for the 2014 Year of Account and others
In March this year, the Commercial Court provided clarification on the proper construction of All Risks marine cargo cover.
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.
The content above is taken from the website of law firm Kennedy’s who were instructed on the behalf of the defendant insurers in this case.