Technip Saudi Arabia Ltd v The Mediterranean & Gulf Insurance and Reinsurance Co. [2024] EWCA Civ 481 (09 May 2024)

Technip Saudi Arabia Ltd v The Mediterranean & Gulf Insurance and Reinsurance Co. [2024] EWCA Civ 481 (09 May 2024)

The exclusion in endorsement 2 applies to property owned by any of the Principal Insureds, not just the claimant. The policy language, structure, and composite nature require this interpretation. The buy-back schedule is the only route to coverage for such property, and the platform was not scheduled. Technip's claim is therefore excluded.

Citation
[2024] EWCA Civ 481
Parties
Claimant/appellant: Technip Saudi Arabia Limited; Defendant/respondent: The Mediterranean & Gulf Insurance and Reinsurance Co.
Jurisdiction
England and Wales
Judgment Date
09 May 2024
Procedural Posture
Appeal From High Court (commercial Court) / Court of Appeal Judgment
Outcome
Appeal dismissed
Legal Topics
Contractual Interpretation, Composite Insurance Policies, Policy Exclusions, Offshore Construction Insurance
Insurance Law Contract Law Contractual Interpretation Composite Insurance Policies Policy Exclusions Offshore Construction Insurance

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Parties

Technip Saudi Arabia Limited

Claimant/appellant

The Mediterranean & Gulf Insurance and Reinsurance Co.

Defendant/respondent

Procedural Posture

Appeal From High Court (commercial Court) / Court of Appeal Judgment

Legal Issues

  1. 1 Proper interpretation of Existing Property Endorsement 2 in an offshore construction insurance policy
  2. 2 Whether exclusion applies to property owned by any Principal Insured or only the claimant Principal Insured
  3. 3 Effect of composite policy structure on exclusion clause

Ratio Decidendi

The exclusion in endorsement 2 applies to property owned by any of the Principal Insureds, not just the claimant. The policy language, structure, and composite nature require this interpretation. The buy-back schedule is the only route to coverage for such property, and the platform was not scheduled. Technip's claim is therefore excluded.

Court Disposition

Appeal dismissed

Orders

  • Technip's appeal is dismissed
  • The High Court's decision is upheld