Tuesday 2nd – Wednesday 3rd November 2021
Appeal 1 – The 15th Defendant (Edge Brokers (London) Ltd) appeals from the Order of Jacobs J, sitting as a Judge of the High Court, dated 12 March 2021, ordering the 15th Defendant to pay the Claimant £3,319,975.22 with interests, and some portion of the costs.
The Court held that the Claimant (the Bank) is estopped by convention from asserting against the 8th Defendant (Ark) and the 10th Defendant (Advent) that the Policy included cover in respect of credit risks and/or financial defaults was wrong and involved the following errors of law. As a result of that finding, the 15th Defendant (Edge) was held liable to the Bank for Ark and Advent’s shares of the indemnity in the sum of £3,319,975.22.
Appeal 2 – The 1st to 7th, 9th, 11th to14th Defendants appeal from the Order of Jacobs J, sitting as a Judge of the High Court, dated 12 March 2021, deciding the claim in favour of the Claimant, ordering the Defendants to pay the Claimant various sum of money and the costs.
In these proceedings the Claimant Bank was insured by the First to the Fourteenth Defendants under a marine cargo policy. The policy covered the period of one year commencing on 1 February 2016. The Bank claimed an indemnity of approximately £33.5 million and the underwriters denied liability on various grounds.
Lower Court Judgment:
ABN Amro Bank NV v Royal & Sun Alliance Insurance Plc & Ors  EWHC 442 (Comm) (26 February 2021) (bailii.org)