A new decision from the Supreme Court regarding lies in a marine insurance case.

A case involving the capture of the vessel by Somali pirates, subsequent negotiations, payment of ransom, and other expenses incurred by Owners/her insurers during the period of kidnap.

Recent City of London Corportation/PwC report estimates that the UK has a 35% share of global marine insurance premiums; a 26% share of global shipbroking revenue; and 25% of the world’s maritime legal partners are based in the UK.

This case involved the fraudulent attempt to ship to ship crude oil from Venezuela. Facts are straightforward  and the charterers are liable in damages. The vessel remains in Puerto La Cruz and has been since September 2014!