Suez Fortune Investments Ltd & Anor v Talbot Underwriting Ltd & Ors Re: M/V Brillante Virtuoso [2015] EWHC 42 (Comm) (15 January 2015)

Suez Fortune Investments Ltd & Anor v Talbot Underwriting Ltd & Ors Re: M/V Brillante Virtuoso [2015] EWHC 42 (Comm) (15 January 2015)

The vessel was a constructive total loss as the cost of repairs exceeded the insured value. The sale of the vessel did not deprive claimants of the right to claim CTL. NOA was served on behalf of both owners and bank. The agreed sale price reflected the damaged value for partial loss calculation. Claimants entitled to indemnity for CTL or partial loss, subject to further determination of quantum and other issues.

Citation
[2015] EWHC 42 (Comm)
Parties
Claimant: Suez Fortune Investments Ltd; Claimant: Piraeus Bank AE; Defendant: Talbot Underwriting Ltd; Defendant: Hiscox Syndicates Ltd; Defendant: QBE Corporate Ltd; Defendant: Chaucer Corporate Capital (No. 2) Ltd; Defendant: Markel Capital Ltd; Defendant: Catlin Syndicate Ltd; Defendant: Aprilgrange Ltd; Defendant: Brit UW Ltd; Defendant: Novae Corporate Underwriting Ltd; Defendant: GAI Indemnity Ltd
Jurisdiction
England and Wales
Judgment Date
15 January 2015
Procedural Posture
Commercial Insurance Dispute / First Stage of Split Trial (ctl and Quantum Issues)
Outcome
Vessel declared constructive total loss; claimants entitled to indemnity for CTL or partial loss; quantum and further issues to be determined in subsequent trial stage.
Legal Topics
Constructive Total Loss, War Risks Insurance, Policy Interpretation, Sue and Labour, Loss of Hire, Salvage, Warranty Breach
Insurance Law Maritime Law Commercial Law Constructive Total Loss War Risks Insurance Policy Interpretation Sue and Labour Loss of Hire +2 more

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Parties

Suez Fortune Investments Ltd

Claimant

Piraeus Bank AE

Claimant

Talbot Underwriting Ltd

Defendant

Hiscox Syndicates Ltd

Defendant

QBE Corporate Ltd

Defendant

Chaucer Corporate Capital (No. 2) Ltd

Defendant

Markel Capital Ltd

Defendant

Catlin Syndicate Ltd

Defendant

Aprilgrange Ltd

Defendant

Brit UW Ltd

Defendant

Novae Corporate Underwriting Ltd

Defendant

GAI Indemnity Ltd

Defendant

Procedural Posture

Commercial Insurance Dispute / First Stage of Split Trial (ctl and Quantum Issues)

Legal Issues

  1. 1 Was the vessel a constructive total loss (CTL)?
  2. 2 Did claimants lose right to claim CTL by sale of vessel?
  3. 3 Was notice of abandonment (NOA) served on behalf of bank?

Ratio Decidendi

The vessel was a constructive total loss as the cost of repairs exceeded the insured value. The sale of the vessel did not deprive claimants of the right to claim CTL. NOA was served on behalf of both owners and bank. The agreed sale price reflected the damaged value for partial loss calculation. Claimants entitled to indemnity for CTL or partial loss, subject to further determination of quantum and other issues.

Court Disposition

Vessel declared constructive total loss; claimants entitled to indemnity for CTL or partial loss; quantum and further issues to be determined in subsequent trial stage.

Orders

  • Insurers liable to indemnify claimants for CTL or partial loss as determined.
  • Quantum of indemnity to be calculated based on agreed values and further evidence.