“A cargo seized by pirates and subsequently recovered after being ransomed by the shipowner was not ‘irretrievably lost’ within the terms of section 57(1) of the Marine Insurance Act 1906, even though some might regard the payment of a ransom as morally objectionable and it was something the owner was not required to do.”
WLR Daily, 27th January 2011
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
