Global | Publication | September 2024
The Commercial Court held that a vessel owner should be entitled to make a claim of constructive total loss under its war risks insurance policy (American Institute Hull War Risks and Strikes Clauses dated 1 December 1977 and the Addendum thereto dated 1 April 1984) as losses arising from the vessel’s detention were fortuitous. The Commercial Court determined that the vessel’s detention was not “an inevitable or even ordinary consequence in the circumstances” as the vessel’s anchorage area “had for many years been used as an anchorage by hundreds if not thousands of vessels without problem” and there had been no known instances of detention until February 2019 when the vessel was detained.
This case is relevant for understanding what an English court would constitute as “fortuitous” loss in an insurance claim.
Delos Shipholding SA & Ors v Allianz Global Corporate and Specialty SE & Ors [2024] EWHC 719 (Comm). The full judgment can be found here.
Publication
In July 2022 the UK Secondary Capital Raising Review published its report (Report) setting out a series of bold and wide-ranging recommendations for improving the secondary capital raising regime in the UK designed to make it quicker, more flexible, more inclusive of retail investors and more cost-effective, as well as moving towards digitisation and making better use of technology.
Publication
This briefing forms part of a series looking in detail at the SRA’s guidance for in-house teams, issued following a thematic review of the sector, recognising the growth and importance of the in-house role and the unique pressures to which in-house solicitors can be subject.
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