Co-insurance — interpretation of a follow clause
In San Evans Maritime Inc & Ors v Aigaion Insurance Co SA, the court held that the defendant following underwriter was required to follow a settlement reached by lead underwriters under a follow clause, despite the following underwriter being excluded from the settlement agreement between the lead underwriters and assureds.
The three preliminary issues tried in this case arise out of a hull and machinery policy covering the vessel St Efrem. On 27 July 2010, the vessel grounded at Paranagua, Brazil, and suffered a generator breakdown. It was then towed to Abidjan, Ivory Coast…
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