Quadra Commodities SA v XL Insurance Co SE and Others – Queen’s Bench Division (Commercial Court) [2022] EWHC 431 (Comm) – Butcher J – 4 March 2022

Insurance (marine) – Cargo claim – Insurable interest – Whether subject matter was lost – Measure of indemnity – Suing and labouring – Late payment – Marine Insurance Act 1906, sections 5 and 67 – Insurance Act 2015, section 13A – Sale of Goods Act 1979, sections 16 and 20A

Quadra was a Swiss company trading in agricultural commodities, including grains, oilseeds and vegetable oils. Quadra had from 2014 dealings with the Agroinvest Group of companies in respect of the trading of commodities in Ukraine. In particular Quadra concluded three contracts with one of the companies, Linepuzzle, as follows: (1) a contract dated 14 November 2018 for the purchase of 4,750 mt Ukrainian wheat; (2) a contract dated 22 November 2018 for the purchase of 4,650 mt Ukrainian wheat; and (3) a contract dated 11 January 2019 for the purchase of 4,150 mt Ukrainian barley.