QUORUM A/S v SCHRAMM (NO 2)

[2002] Lloyd's Rep IR 315

QUEEN’S BENCH DIVISION COMMERCIAL COURT

Before Mr Justice Thomas

Insurance (fine art) - Painting damaged by fire - Insurers failing to make payment - Assured alleging at trial that policy was valued - Claim for US$5.7 million - Insurers paying US$600,000 plus interest into Court - Court ruling that policy was unvalued and awarding assured US$1.4 million plus interest - Whether assured entitled to interest from date of loss - Effect of delay in commencing proceedings - Costs - Whether assured had succeeded at trial - Whether costs should be reduced by reason of assured’s conduct - Civil Procedure Rules, Part 44.