Sealion Shipping Ltd and Anr v Valiant Insurance Company (The “Toisa Pisces”) – QBD (Com Ct)(Blair J) – 20 January 2012
Marine insurance – Loss of hire cover – Whether insurers entitled to avoid policy for material non-disclosure – Whether assured failed to exercise due diligence – Whether one breakdown or three breakdowns for purposes of deductible
The vessel Toisa Pisces was insured by the defendant for Loss of Hire cover for the year commencing 20 May 2008. The owners made a claim under the policy arising out of a breakdown of the port Azimuth bow thruster motor on 25 February 2009, after which the vessel was placed offhire by her charterers. The owners claimed US$2,100,000, the equivalent of 30 days’ offhire at US$70,000 per day (30 days being the limit under the policy). The defendant said that it was entitled to avoid the policy on the basis of material non-disclosure and/or misrepresentation. It contended that:
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Feb 3 2012
