(Re)Insurance Weekly Update 40 - 2018

A summary of recent developments in insurance, reinsurance and litigation law.

Aspen Underwriting v Credit Europe Bank: Court of Appeal considers jurisdiction for a claim by insurers against an assignee of an insurance policy

http://www.bailii.org/ew/cases/EWCA/Civ/2018/2590.html

The earlier decisions in this case were reported in Weekly Updates 28/17 and 43/17. The claimant insurers had insured the owners of a vessel. The owners' bank was an assignee of the policy and named as a loss payee under the policy (but was not named as an insured). When the vessel was lost, the insurers paid out and entered into a settlement agreement with the owners. It was subsequently held by the Commercial Court that the vessel had been deliberately sunk by the master, at the request of the owners. The insurers sought recovery of the insurance proceeds and brought a claim against the owners and the bank in England. The bank argued that this claim against it should have been