Quadra Commodities SA v XL Insurance Co SE and Others [2022] EWHC 431 (Comm)

Reasonableness of delayed payment of insurance claims and insurable interest

The bankruptcy of Agroinvestgroup followed what appears to have been a wholesale fraudulent scheme involving the alleged sales of the self-same commodities in storage in Ukraine and the misappropriation of those commodities. The English High Court has held that insurers should indemnify a commodity trader for the misappropriation of commodities arising from the Agroinvestgroup "fraud" and bankruptcy.