Piraeus Bank AE v Antares Underwriting Ltd & Ors [2022] EWHC 1169 (Comm) (17 May 2022)

Piraeus Bank AE v Antares Underwriting Ltd & Ors [2022] EWHC 1169 (Comm) (17 May 2022)

The court held that the vessel's detention fell within the war risks exclusion for action taken by a state authority under criminal law or for alleged contravention of state law. The vessel remained essential to the investigation after the Accusation Brief, and the Owners could not reasonably demand release before...

Source-derived case information.

Citation
[2022] EWHC 1169 (Comm)
Parties
Claimant: Piraeus Bank A. E.; Defendant: Antares Underwriting Limited; Defendant: Chaucer Corporate Capital (No. 3) Limited; Defendant: Hardy Underwriting Limited; Defendant: Endurance Corporate Capital Limited; Defendant: MSI Corporate Capital Limited; Defendant: Liberty Corporate Capital Limited; Defendant: Argenta Underwriting No. 3 Limited; Defendant: Scor Underwriting Limited; Defendant: Skuld I Limited; Defendant: Flectat Limited; Defendant: Aprilgrange Limited; Defendant: Ark Corporate Member Limited; Defendant: Navigators Insurance Company
Jurisdiction
England and Wales
Judgment Date
17 May 2022
Procedural Posture
Commercial Court Claim / Judgment After Trial
Outcome
Claim dismissed
Legal Topics
War Risks Policy, Mortgagees’ Interest Insurance, Constructive Total Loss, Detainment Clause, Marine Insurance Act 1906, Policy Exclusions, Venezuelan Law, Assignment of Insurance, Indemnity, Policy Interpretation
Insurance Law Maritime Law Commercial Law War Risks Policy Mortgagees’ Interest Insurance Constructive Total Loss Detainment Clause Marine Insurance Act 1906 +5 more

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Parties

Piraeus Bank A. E.

Claimant

Antares Underwriting Limited

Defendant

Chaucer Corporate Capital (No. 3) Limited

Defendant

Hardy Underwriting Limited

Defendant

Endurance Corporate Capital Limited

Defendant

MSI Corporate Capital Limited

Defendant

Liberty Corporate Capital Limited

Defendant

Argenta Underwriting No. 3 Limited

Defendant

Scor Underwriting Limited

Defendant

Skuld I Limited

Defendant

Flectat Limited

Defendant

Aprilgrange Limited

Defendant

Ark Corporate Member Limited

Defendant

Navigators Insurance Company

Defendant

Procedural Posture

Commercial Court Claim / Judgment After Trial

Legal Issues

  1. 1 Whether the prolonged detention of the vessel in Venezuela constituted a constructive total loss under the war risks policy
  2. 2 Whether the mortgagees under the MII policy can recover an indemnity as assignees and loss payees under the owners’ war risks policy
  3. 3 Whether the detention fell within the war risks exclusion for action taken under criminal law or contravention of state law

Ratio Decidendi

The court held that the vessel's detention fell within the war risks exclusion for action taken by a state authority under criminal law or for alleged contravention of state law. The vessel remained essential to the investigation after the Accusation Brief, and the Owners could not reasonably demand release before the Third Party Motion. As the loss was excluded under the war risks policy, the Bank was not entitled to indemnity under the MII policy. The claim was dismissed.

Court Disposition

Claim dismissed