Versloot Dredging BV v HDI Gerling Industrie Vesicherung Ag [2013] EWHC 658 (Comm) (04 February 2013)

Security for costs may be provided by a deed of indemnity from a reputable and creditworthy insurer if it provides real security equivalent to or better than a first-class London bank guarantee.

Citation: [2013] EWHC 658 (Comm)
Parties: Claimant/appellant: Versloot Dredging BV; Defendant/respondent: HDI Gerling Industrie Vesicherung AG
Jurisdiction: England and Wales
Judgment Date: 04 February 2013
Procedural Posture: Commercial Court Application to Vary Security for Costs Order / Post Order Application for Variation
Outcome: Application to vary order granted
Legal Topics: Security for Costs, ATE Insurance, Indemnity as Security

Civil Procedure Insurance Law Security for Costs ATE Insurance Indemnity as Security

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 2 Party arguments 2 Amounts and remedies 1

Parties

Versloot Dredging BV

Claimant/appellant

HDI Gerling Industrie Vesicherung AG

Defendant/respondent

Procedural Posture

Commercial Court Application to Vary Security for Costs Order / Post Order Application for Variation

Legal Issues

1 Whether a deed of indemnity from QBE Insurance can substitute for a first-class London bank guarantee as security for costs
2 Whether the application to vary the order is permissible under the liberty to apply

Ratio Decidendi

Security for costs may be provided by a deed of indemnity from a reputable and creditworthy insurer if it provides real security equivalent to or better than a first-class London bank guarantee.

Court Disposition

Application to vary order granted

Orders

Order varied to permit security for costs in the form of a deed of indemnity from QBE Insurance (Europe) Limited for the first tranche (£550,000)