An insured cannot recover damages at large for an insurer’s failure to pay. Interest on sums due under a policy is adequate compensation for late payment; this is so, even if an insurer deliberately withholds sums which he knows to be due under a policy.
Citations:
[1999] 1 Lloyd’s Rep IR 111
Jurisdiction:
England and Wales
Citing:
Approved – Apostolos Konstantine Ventouris v Trevor Rex Mountain, The Italia Express No 2 QBD 1992
A contract of marine insurance is not one to provide peace of mind or freedom from distress.
An assured cannot recover for losses caused by the insurer’s wrongful refusal to pay a valid claim. Interest on the sum is an adequate compensation. . .
Cited by:
Cited – Teal Assurance Company Ltd v WR Berkley Insurance (Europe) Ltd SC 31-Jul-2013
An international engineering company had several layers of professional indemnity insurance. The top later did not cover claims originating in the US or Canada. The several insurers now disputed apportionment of liability between them. The . .
Cited – Starlight Shipping Company v Allianz Marine and Aviation Versicherungs Ag and Others (Alexandros T) ComC 19-Dec-2011
Starlight had sued its insurers for payment under policies with regard to the Alexandros T. After allegations of serious misconduct were made against some of the insurance underwiters, the matter was settled with full liabiity under the terms of a . .
Cited – Starlight Shipping Co v Allianz Marine and Aviation Versicherungs Ag and Others CA 20-Dec-2012
The Alexander T, owned by the appellant and insured by the respondents was a total loss. The insurers resisted payment, the appellant came to allege improperly, and the parties had settled the claim on full payment under a Tomlin Order. The owners . .
Lists of cited by and citing cases may be incomplete.
Insurance
Updated: 04 May 2022; Ref: scu.540462