Ince Incisive RiskBy james tweed • Mar 3rd, 2011 • Category: IGPI
Global Process Systems v Syarikat Takaful Malaysia Berhad
Supreme Court 1 February 2011
“Inherent vice” is a well-known exception to All Risks cargo cover. Its scope has been a matter of controversy in recent years but has now been authoritatively addressed in the UK Supreme Court in a judgment handed down on 1 February. The insurer’s appeal has led to a narrower view of the defence than the Court of Appeal had in mind so the decision is of importance to both sides of the market. The subject matter of the case – a rig under tow named Cendor MOPU – typifies the high value and high risk cargoes where a clear understanding of the Supreme Court’s conclusions will be essential.
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