GLENCORE INTERNATIONAL AG v RYAN “THE BEURSGRACHT”

[2002] Lloyd's Rep IR 335

COURT OF APPEAL

Before Lord Justice Tuckey and Lord Justice Jonathan Parker

Insurance (marine liability) - Open cover - Obligation on assured to make monthly declarations - Assured failed to declare vessel - Assured becoming liable to owners of vessel - Whether open cover facultative/obligatory or automatically binding - Scope of obligation to make monthly declarations - Effect of breach - Implied term to declare risks within reasonable time - Innominate term - Effect of breach.