CONTINENTAL GRAIN COMPANY, INC. v. TWITCHELL.

(1944) 78 Ll.L.Rep. 251

COURT OF APPEAL.

Before Lord Goddard, Lord Justice du Parcq and Mr. Justice Uthwatt.

Marine insurance - Anticipated earnings and/or interest-Open cover taken out by plaintiffs (time-charterers of number of vessels) with defendant underwriters insuring plaintiffs' "Anticipated earnings and/or interest, warranted free of all average. Only against total and/or constructive total loss of vessel as per clause attached hereto" - Amount declared by plaintiffs for October, 1937, in respect of motor vessel Aakre: 227,000 dols. -Aakre profitably sub-chartered by plaintiffs for voyage-Stranding during voyage - Constructive total loss - Decision by owners to repair-Repairs completed by February, 1938-Sub-charterers released from voyage charter upon payment to plaintiffs of 5000 dols.-Fall in charter market during this period-Further voyage charters fixed by plaintiffs-Loss on such charters-Time-charter cancelled by plaintiffs upon payment of 35,000 dols.- Claim by plaintiffs for total loss under policy-Cause of loss of earnings-Partial loss.