The English High Court held that an all-risks marine cargo and storage insurance policy did not cover a loss of copper ingots which were never shipped to the claimant who had in good faith paid for and taken up fraudulent bills of lading.
The claimant bought 7 000mt of copper ingots for shipment to China.
A US insured suffered losses when the seal on a bottled beverage it was producing for another company failed quality control measures. A US court of appeals found that the losses were not covered by the “all-risks” property insurance policy because the losses were not physical loss or damage.
The insured was to produce 40