Marine insurance: insurable interest

The Court of Appeal in Quadra Commodities SA v XL Insurance Co SE [2023] EWCA Civ 432 has upheld the first instance decision of Butcher J [2022] EWHC 431 (Comm); [2023] Lloyd's Rep IR 26, which contained detailed discussion of the modern approach to insurable interest. Butcher J's judgment was also the first to analyse 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, although that matter was not the subject of the appeal to the Court of Appeal.

Quadra : the facts