Law firm Thomas Cooper has welcomed a vital UK court ruling on constructive total loss (CTL) costs that clarifies the 1906 Marine Insurance Act.
Thomas Cooper acted for hull and machinery insurers led by the Swedish Club in the case of a Greek bulker, the 38,400-dwt Renos (built 1985), hit by a fire off Egypt in 2012.
The Supreme Court considered whether certain types of expenses, incurred following an incident covered under a vessel’s hull and machinery policy, could be taken into account towards the calculation of the costs of...
