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Glencore International AG v Alpina Insurance Co. Ltd. & Others

19th Feb 2004

[2004] 1 Lloyd’s Rep. 567; [2004] 1 All ER (Comm) 766; [2004] 1 All ER (Comm) 858; [2004] 1 Lloyd’s Rep. 111

Dominic Kendrick Q.C., Alistair Schaff Q.C., Richard Southern, Sioban Healy and John Bignall were all involved in an 8 week trial which concerned claims on a trader’s worldwide marine insurance policy arising out of the loss through theft and fraud of about $300 million of oil in floating storage.

This was phase 5 of the Metro litigation which arose out of the collapse in 1998 of Metro Trading International Inc. (MIT) and Metro Oil Corporation (MOC). The claimants Glencore International A.G. claimed against the defendant insurance company Alpina Insurance Co. Ltd. to be indemnified in respect of the loss of oil misappropriated by MIT and MOC. Insurance (Marine) – Open cover – Metro litigation – Commodity trader – Whether insurers entitled to avoid policy for misrepresentation and non-disclosure – Determination of issues relating to coverage and to quantum.

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