On 27th October 2018, an explosion and fire damaged a motor boat, just 17 days after the signing of sale contract subject to which the motor boat was sold from Mrs A (seller) to Mr and Mrs B (buyers). Under clause 2.3 of the contract, the risk of damage to or destruction of the motor boat passed to the buyer on exchange, completion of which was scheduled for 7th November. Mrs A had insurance from ERGO Insurance. Shortly before explosion and fire, (ie on 25th of October), the buyers Mr and Mrs B took out their own insurance from IF Insurance.
After the explosion and fire, the buyers Mr and Mrs B were unwilling to complete the sale but the sale contract provide not clause for terminated the sale. So the sale was completed and as a result thereof, the seller Mrs A suffered no loss and made no claim on ERGO. The buyers Mr and Mrs B claimed on their IF policy and received payment in settlement.
IF now sought a contribution from ERGO, on the basis that ERGOs policy also provided cover to the buyers Mr and Mrs B and that this was a case of double insurance. ERGO, however, rejected and claims that the buyers were not covered, so the question of double insurance did not arise.
Your assignment is to represent your client in the legal dispute based on ERGOs and IF relevant terms and conditions (as well as other relevant legal act).
You are supposed to advice either ERGO or IF (you choose) lawyers who turn to you and ask you to:
Conduct a proper legal analysis of the situation and draft respective paper that would meet all academical standards, AND
Write based on the findings of the analysis above a short legal opinion of the results to be presented to the CEO of the insurance company.
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