The judgment in Quadra Commodities S.A. v XL Insurance
Company SE and Others [2022] EWHC 431 (Comm) is notable as the
first to consider the application of s.13A Insurance Act 2015
relating to the implied term that insurance claims must be paid
within a reasonable time. The judgment also provides some clarity
as to what constitutes an insurable interest.
Background
The Claimant is a commodities trading and logistics company,
specialising in the trade of agricultural commodities. Under a
series of purchase contracts, it acquired cargoes of grain from
Agroinvestgroup, an association of companies involved in the
production, storage and processing of agricultural products.
The Claimant dealt with two entities in the Agroinvestgroup
– Agri Finance SA (Agri Finance) and
Linepuzzle Ltd (Linepuzzle). The Claimant would
buy grain from Linepuzzle and then sell it to Agri Finance to
assist those entities with the financing of commodities under
purchase contracts.
