STONE VICKERS LTD. v. APPLEDORE FERGUSON SHIPBUILDERS LTD.

[1992] 2 Lloyd's Rep. 578

COURT OF APPEAL

Before Lord Justice Parker, Lord Justice Woolf and Lord Bridge of Harwich

Insurance (Marine) - Subrogation - Shipbuilding risk insured - Express term in insurance contract that underwriters should have no recourse against co-assured - Plaintiff sub-contractors supplied propeller - Propeller defective - Insurers settled defendant shipbuilders’ claim - Whether plaintiffs co-assured - Whether plaintiffs had interest in subject matter of insurance - Whether plaintiffs entitled to be protected against subrogated claim.