Introduction and background
Insurable interest continues to evolve under English and South African law and should be front of mind for parties involved in the logistics sector who want to manage their risk. The general approach taken by the courts in both countries is to ask whether the
This judgment is the appeal of the judgment previously blogged on here.
The question was whether insurers could refuse to pay a claim under an All Risks Marine Cargo Open Policy because the insured had no insurable interest in the subject matter of the property cargos of grain. The insured had been a victim of
Insurable Interest (England)
In this High Court of Justice decision the insured claimed under a marine cargo open policy. The insured had purchased cargos of grain under various contracts and paid for those against presentation by the sellers of warehouse receipts issued by the warehouses.
The warehouses were however acting fraudulently in issuing multiple warehouse
The shareholders of a company have an insurable interest in the assets of their company. The high court has reaffirmed that insurable interest in a short-term insurance policy is a wide concept. It is there to prevent speculation and gambling as a matter of public policy and not to protect insurance companies who know what