Marine insurance: insurable interest, indemnity and late payment

The judgment of Butcher J in Quadra Commodities SA v XL Insurance Co SE [2022] EWHC 431 (Comm) contains detailed discussion of the modern approach to insurable interest and, perhaps most importantly, the first judicial analysis of the implied term in insurance policies added by section 13A of the Insurance Act 2015 whereby an insurer faces liability in damages for late payment of a claim.

Quadra : the facts