Trade Insurance Policy Sample Contracts
2005] ArbLR 23Trade Insurance Policy • October 27th, 2010
Under the terms of a trade insurance policy, HIH was liable to indemnify Enron in respect of default by Straights Resources Ltd for the supply of copper cath- odes against an advance payment of US$15 million. The parties entered into an interim agreement which provided for an amended and restated loan agreement to be executed. The interim agreement was terminated by Straights which com- menced LME arbitration proceedings. HIH contended that the perfecting of the amended and restated loan agreement was an express condition of the extension of cover under an endorsement to the policy.