Inevitability and Inherent Vice under ICC(A) Loss of jack-up rig under tow
14-Apr-2009 | Financial Institutions & Services
Lawyers Anthony Menzies
Global Process Systems Inc v Syarikat Takaful Malaysia Berhad [2009]Commercial Court, 31 March 2009
As Lord Birkenhead LC noted in the famous case of British & Foreign Marine Insurance v. Gaunt [1921], a policy on "all risks" terms cannot be held simply to cover all damage howsoever caused "for such damage as is inevitable from ordinary wear and tear... is not within the policies". The principle is very simple: insurance covers risks, that is to say something that might or might not happen, and not certainties.
For the full article please click here
