Dutch Bank Argues Cargo Policy Covered Financial Loss

Law360, London (April 15, 2019, 8:46 PM BST) -- Dutch bank ABN Amro has argued in new court filings that its broker was never told an insurance policy would cover only physical damages — and not a subsidiary's losses from client defaults on commodities transactions.

The policy was supposed to cover its subsidiary, finance company Icestar BV, for "credit risks and/or financial defaults," the lender said in its April 11 reply to the High Court.

ABN is suing Edge Brokers London Ltd. for breach of contract and negligence, along with Royal & Sun Alliance PLC and a group of Lloyd's of London insurers, claiming they have wrongfully refused to cover...

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