Supreme Court Rules On Inherent Vice - Loss Of Jack-Up Rig Under Tow
Mondaq Business Briefing › United Kingdom Law Articles in English (2011)
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Supreme Court Rules On Inherent Vice - Loss Of Jack-Up Rig Under Tow
Global Process Systems Inc v. Syarikat Takaful Malaysia Berhad [2011]1 Supreme Court, 1 February 2011
As Lord Birkenhead LC noted in the famous case of British & Foreign Marine Insurance v. Gaunt [1921]2, a policy on "all risks" terms cannot be held simply to cover all damage howsoever caused "for such damage as is inevitable from ordinary wear and tear ... is not within the policies". The principle is simply this: insurance covers risks, t...See the full content of this document
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