Versloot Dredging BV v HDI Gerling Industrie Vesicherung Ag

Versloot Dredging BV v HDI Gerling Industrie Vesicherung Ag

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. The deed from QBE Insurance (Europe) Limited is acceptable security in the circumstances.

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 Application / Application to Vary Order for Security for Costs
Outcome
Application granted
Legal Topics
Security for Costs, Form of Security, Variation of Court Orders
Civil Procedure Commercial Law Security for Costs Form of Security Variation of Court Orders

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Parties

Versloot Dredging BV

Claimant/appellant

HDI Gerling Industrie Vesicherung AG

Defendant/respondent

Procedural Posture

Commercial Application / Application to Vary Order for Security for Costs

Legal Issues

  1. 1 Whether the claimant should be permitted to provide security for costs by way of a deed of indemnity from QBE Insurance (Europe) Limited instead of a first-class London bank guarantee
  2. 2 Whether there has been a sufficient change of circumstances to justify varying the original order

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. The deed from QBE Insurance (Europe) Limited is acceptable security in the circumstances.

Court Disposition

Application granted

Orders

  • Order of Beatson J varied to permit security for the first tranche (£550,000) to be provided by a deed of indemnity from QBE Insurance (Europe) Limited in place of a first-class London bank guarantee.