MT ZOUZOU: detention, constructive total loss and mortgagee’s interest insurance
Wed, 30 Nov
|Rooms 9.8 & 9.9, Kennedys Law LLP
Join us for a fascinating talk conducted by Kennedys on the defining decision made in this detention, constructive total loss and mortgagee’s interest insurance legal case.
Time & Location
30 Nov 2022, 13:00 – 15:30
Rooms 9.8 & 9.9, Kennedys Law LLP, 25 Fenchurch Avenue, London, EC3A 4BY
Guests
About the Event
In , the claimant mortgagee bank’s claim under the mortgagee interest insurance (MII) arose out of a 14 month detention of the Vessel in Venezuela following an allegation that the crew were attempting to smuggle diesel oil. The owners of the Vessel claimed for a constructive total loss (CTL) under their war risks cover. Following avoidance of the war risks policy by war risks underwriters (on the grounds of material non-disclosure by the owners, unrelated to the detention), the Bank sought to recover from the defendant Underwriters under the MII Policy. The Bank’s claim was for about US$71 million plus interest.The ZOUZOU
Jonathan and Ingrid will discuss the clarity provided by the Commercial Court in respect of the proper construction and scope of indemnity cover of MII policies in its judgment conclusively rejecting the Bank’s claim.
Kennedys acted for the successful defendant Underwriters.
Location
The presentation will be held at…