Quadra Commodities SA v XL Insurance Co SE and Others [2023] EWCA Civ 432; [2023] Lloyd's Rep IR Plus 11

Insurable interest in unascertained goods

The English High Court ([2022] 2 Lloyd's Rep 541; [2023] Lloyd's Rep IR 26) has held that insurers should indemnify Quadra Commodities, a commodity trader, for the misappropriation of commodities arising from the Agroinvest group "fraud" and bankruptcy. The Court of Appeal recently dismissed the appeal and addressed the issues concerning whether the claimant, Quadra, had an insurable interest in certain cargoes of grain in respect of which it was the victim of a fraud perpetrated by its seller Agri Finance SA.