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Published 1 April 2014
In this case the Commercial Court was asked to consider the true construction of an "in-transit loss" in a charterparty relating to a consignment of premium motor oil stolen by pirates.
Although a lead underwriter may wish to make it clear that in settling a claim he is doing so on his own behalf only and is not purporting to bind following underwriters, this will not frustrate the obvious purpose of a follow clause obliging the following underwriter to follow any settlement by the lead.
The Court of Appeal has ruled that a limitation fund under the International Convention on Limitation of Liability for Maritime Claims 1976 ("the Convention") can be constituted by way of a guarantee in the form of a letter of undertaking ("LOU") from a P&I Club. The judgment will be welcomed by P&I Clubs, insurers and reinsurers alike, as it will provide an alternative to making a cash payment into court to constitute a limitation fund.
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