Mamancochet Mining Ltd v Aegis Managing Agency Ltd and others

Marine insurance – Contract of marine insurance. On the true construction of a sanctions clause in a marine cargo insurance policy, payment of a claim under the policy before 1159 pm eastern standard time on 4 November 2018 would not expose the defendant underwriters of the policy (including Aegis Managing Agency Ltd) to a sanction, within the meaning of the sanctions clause. The Commercial Court ruled that the US sanctions targeting Iran did not prohibit payment of the claim and that the claimant, as the assignee of the benefit of the policy, was entitled to such payment, following the theft of cargoes of steel billets from bonded storage in Iran.

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