Marine, Energy Trade Notes September 2011 Issue 30

The Marine, Energy and Trade team publish a regular newsletter, the Marine, Energy and Trade notes, in which recent legal developments are reviewed: new case law, changing legislation, and new areas of potential liability. The notes cover both UK and overseas news. In this issue, MET notes examines the following:

Court rules on the meaning of a 100 per cent notation in an energy reinsurance policy

By Emily Harwood

Two different views on the meaning of the term "100 per cent" in an energy facultative reinsurance policy were examined by the Commercial Court.

The judge confirmed the traditional view held in the energy insurance market according to which the term "100 per cent" (whether contained in the original insurance or reinsurance policy) referred to the total insured value of the original asset where the original insured held only a partial interest in that asset.