Mamancochet Mining Ltd v Aegis Managing Agency Ltd & Ors
Payment of the insurance claim before 1159 pm eastern standard time on 4 November 2018 is not prohibited by US or EU sanctions and does not expose Defendants to sanction within the meaning of the policy's sanctions clause. The clause suspends, but does not extinguish, liability; thus, Claimant is entitled to payment.
- Parties
- Claimant: Mamancochet Mining Limited; Defendants: Aegis Managing Agency Limited and Others
- Jurisdiction
- England and Wales
- Judgment Date
- 12 October 2018
- Procedural Posture
- Commercial Insurance Claim / Judgment
- Outcome
- Claim allowed
- Legal Topics
- Marine Insurance, Sanctions Clauses, EU Blocking Regulation, US Sanctions, Interpretation of Insurance Contracts
Case Brief
Summary, issues, holding and outcome
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Parties
Mamancochet Mining Limited
Claimant
Aegis Managing Agency Limited and Others
Defendants
Procedural Posture
Commercial Insurance Claim / Judgment
Legal Issues
- 1 Interpretation of sanctions clause in marine insurance policy
- 2 Whether payment of claim exposes Defendants to US/EU sanctions
- 3 Effect of EU Blocking Regulation on Defendants' reliance on sanctions clause
Ratio Decidendi
Payment of the insurance claim before 1159 pm eastern standard time on 4 November 2018 is not prohibited by US or EU sanctions and does not expose Defendants to sanction within the meaning of the policy's sanctions clause. The clause suspends, but does not extinguish, liability; thus, Claimant is entitled to payment.
Court Disposition
Claim allowed
Orders
- Defendants liable to pay Claimant's insurance claim if payment is made before 1159 pm eastern standard time on 4 November 2018
Full Case Text
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