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FOIL Update – Sveriges v Connect Shipping Inc

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This appeal concerned which types of costs incurred in the salvage of a damaged shipping vessel qualified when assessing whether such a vessel is a constructive total loss or not for insurance purposes. Section 60(2)(ii) of the Marine Insurance Act 1906 (“the Act”) provides that in the case of damage to a shipping vessel, there is a constructive total loss where “she is so damaged by a peril insured against that the cost of repairing the damage would exceed the value of the ship when repaired".

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