Lloyd’s Insurance Company S.A (Appellant/Defendant) v Oceanus Capital SARL (Respondent/Claimant)
Wednesday 17 – Thursday 18 June 2026
By Appellant’s Notice filed on 6 January 2026 the Appellant, Lloyd’s Insurance Company S.A., appeals a decision of the High Court delivered on 17 December 2025.
This appeal concerns a claim by Oceanus Capital SARL, as mortgagee of the vessel M/V Vyssos, against Lloyd’s Insurance Company S.A. under a Mortgagee’s Interest Insurance policy (“MII Policy”), following a constructive total loss caused when the vessel, owned by Lyra Mare Ltd, entered Ukrainian waters in December 2023 and struck a naval mine.
Although Oceanus had been provided with a purported extension of cover, this was later revealed to be a forgery, and the underlying War Risks Policy declined liability for breach of trading warranties, leading Oceanus to claim USD 3.6 million under the MII Policy, which Lloyd’s resisted.
The Court held that the proximate cause of loss was the mine damage and consequent non‑payment under the War Risks Policy, not the forged document (which created no contract), that Oceanus lacked the requisite “privity”. Oceanus was entitled to recover the agreed indemnity together with interest and costs, and permission to appeal was granted.
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Day 1