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#42 The Miracle Hope
A bumper episode on one of Luke's favourite topics: misdelivery claims. Why? Without wishing to sound too nostalgic - it was over such a claim that he met co-founding partner, Edward Floyd.
The bond formed in handling that massive UK/US claim together, about 10 years ago, subsequently became the foundation of the firm.
Beyond the romanticism, misdelivery claims are arguably THE quintessential maritime claim: the very recent English High Court case of Trafigura Maritime Logistics PTE Ltd v Clearlake Shipping PTE Ltd [2022] EWHC 2234 (Comm) (03 October 2022). Surely delivering the goods to the right party is pretty 'mission-critical'?!
The legal issues are complex, interesting, developing, and hugely important for maritime/commodities clients and the industry broadly. We are not overstating things.
Shipowners are not insured for misdelivery. It is an open exposure. And typically the letters of indemnity they receive to take the misdelivery risk are not secured by a bank or insurer. They tend to be corporate indemnities only. A paper claim only as good as the financial status of the party issuing it.
Commodities traders, cargo interests and their financiers have an obvious, fundamental interest in ensuring their goods are not delivered to someone else wrongfully.
Calum and Luke really get into it here. An hour's worth of detailed analysis. Context, dynamics and specific issues are all explored.
For more, check out our YouTube channel.
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By Floyd Zadkovich
5
11 ratings
A bumper episode on one of Luke's favourite topics: misdelivery claims. Why? Without wishing to sound too nostalgic - it was over such a claim that he met co-founding partner, Edward Floyd.
The bond formed in handling that massive UK/US claim together, about 10 years ago, subsequently became the foundation of the firm.
Beyond the romanticism, misdelivery claims are arguably THE quintessential maritime claim: the very recent English High Court case of Trafigura Maritime Logistics PTE Ltd v Clearlake Shipping PTE Ltd [2022] EWHC 2234 (Comm) (03 October 2022). Surely delivering the goods to the right party is pretty 'mission-critical'?!
The legal issues are complex, interesting, developing, and hugely important for maritime/commodities clients and the industry broadly. We are not overstating things.
Shipowners are not insured for misdelivery. It is an open exposure. And typically the letters of indemnity they receive to take the misdelivery risk are not secured by a bank or insurer. They tend to be corporate indemnities only. A paper claim only as good as the financial status of the party issuing it.
Commodities traders, cargo interests and their financiers have an obvious, fundamental interest in ensuring their goods are not delivered to someone else wrongfully.
Calum and Luke really get into it here. An hour's worth of detailed analysis. Context, dynamics and specific issues are all explored.
For more, check out our YouTube channel.