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Piraeus Bank AE v Antares Underwriting Ltd and Others – QBD (Commercial Court) [2022] EWHC 1169 (Comm) – Mr Justice Calver – 17 May 2022

Lloyd's Maritime Law Newsletter

Piraeus Bank AE v Antares Underwriting Ltd and Others – QBD (Commercial Court) [2022] EWHC 1169 (Comm) – Mr Justice Calver – 17 May 2022

Marine insurance – Mortgagees’ Interest Insurance (MMI) Policy – Vessel detained in Venezuela on suspicion of smuggling oil – Claim under War Risks Policy rejected – Whether MMI insurers were liable – Whether detention excluded from War Risks Policy – Whether vessel was a constructive total loss – Marine Insurance Act 1906, section 60 – Effect on MMI Policy of excluded loss under War Risks Policy

The vessel ZouZou, owned by Doran Navigation and managed by Opera SA, was by a certificate of entry issued by the Hellenic Mutual War Risks Association (the Club) insured under a War Risks Policy for the period 1 January 2015 to 31 December 2015. The agreed value of the vessel was US$55 million. The perils insured against included “capture, seizure, arrest, restraint or detainment, and the consequences thereof or any attempt thereat”.

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