Mamancochet Mining Limited v Aegis Agency Limited [2018]

Mamancochet Mining Limited v Aegis Agency Limited [2018] EWHC 2643 (Comm)

“The JHC/JCC standard sanction clause in a London market cargo policy did not entitle insurers to withhold payment of the insured's claim which arose when two cargoes carried to Iran in August 2012, were shortly thereafter stolen from bonded store. The clause requirement that payment "would expose that insurer to any sanction...under [UN, EU, UK or US resolution/regulation]" had not been met. At the time of the carriage and theft no relevant sanctions were in place and although at various times since then sanctions would have applied and indeed in the case of the US would soon re-apply (as of 5th November), the Court found that up until 1159 on 4 November, payment would not be prohibited under one of the named systems and therefore could not "expose" insurers to sanctions.”

Giacomo Fiorani
E. G. Arghyrakis Co.
17th October 2018