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Thor Navigation -v- Ingosstrakh Insurance

14th Jan 2005

[2005] Lloyd’s Rep IR 490; [2005] 1 Lloyd’s Rep. 547

Stephen Kenny acted for the claimant shipowners, whose hull and machinery policy on their trading vessel “Thor II” was found by the Court to be an unvalued policy. A claim to rectify the policy failed.

Insurance (marine, hull and machinery) – Constructive total loss of insured vessel – Measure of indemnity – Whether policies valued or unvalued – Whether policies should be rectified – Whether insurers were estopped from denying that policies were valued – Insurable value

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