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Marine Reinsurance Dispute - Getting The Paperwork Right.

Publication: Mondaq Business Briefing
Publication Date: 24-AUG-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Marine Reinsurance Dispute - Getting The Paperwork Right.(Allianz Insurance Co Egypt v Aigaion Insurance Co SA)

Article Excerpt
This article first appeared in Maritime Risk International, June 2009

Allianz Insurance Co Egypt (A company incorporated under the laws of Egypt) v Aigaion Insurance Co SA (A company incorporated under the laws of Greece)1.

A recent judgment of the Court of Appeal in a marine reinsurance dispute between Allianz Insurance Co Egypt ("Allianz", the reinsured) and Aigaion Insurance Co SA ("Aigaion", the reinsurers) raises a timely reminder of the risks posed by incomplete placing slips communicated entirely by e-mail.

The dispute centred around the formation of a contract of reinsurance agreed entirely by e-mail between Allianz's broker's office in Beirut and Aigaion in Greece. Aigaion appealed against a decision of the Commercial Court which found that it was liable to indemnify Allianz in respect of the constructive total loss of one of a fleet of reinsured tugs.

Prior to the negotiations on cover, Aigaion confirmed to Allianz's broker that it was prepared to participate subject to "Warranted vessels IACS classed [International Association of Classification Societies] and class maintained...All other terms per your slip." Negotiations then followed culminating in an e-mail from Aigaion requesting a slip to be forwarded recording the parties' agreement. A slip was sent the same day but...

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