YONA INTERNATIONAL LTD. AND HEFTSIBA OVERSEAS WORKS LTD. v. LA RÉUNION FRANÇAISE SOCIÉTÉ ANONYME D’ASSURANCES ET DE RÉASSURANCES AND OTHERS

[1996] 2 Lloyd's Rep. 84

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Moore-Bick

Insurance (CEND) - Indemnity - Political risks - Plaintiffs lost investment in timber concession in Liberia resulting from overthrow of government by insurrectionary movement - First defendant and other insurance companies formed pool - PARIS underwrote on behalf of pool - Scope of PARIS’ authority to act on behalf of pool - Whether PARIS gave second defendants authority to offer pool to plaintiffs as insurers - Whether PARIS had authority to do so - Whether plaintiffs entitled to be indemnified for loss.