IF P&C Insurance Ltd v Silversea Cruises Ltd and Ors (The "Silver Cloud") - Court of Appeal (Ward, Mummery and Rix LJJ) - 2 July 2004

Marine insurance - Luxury cruise ships insured under policy covering loss of income resulting from terrorist activity - Claim made by assured based on events of 11 September 2001 - Construction of policy and extent of recoverability by assured

The defendants ("Silversea") owned and operated four cruise ships in the ultra luxury sector of the market. The vessels were insured by the claimant underwriters under a policy described as relating to "Loss of Income and Extraordinary Costs", which provided cover in respect inter alia of loss of income caused by terrorist activity.