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Energy
Acting for EAR insurers in a multi-jurisdictional
dispute with their insured in relation to an advanced loss of profits
claim arising from the delayed start up of a petrochemical plant
in the Caribbean. |
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The petrochemical plant concerned is one of the largest in the
world. During construction there were a number of failures to
critical path equipment which led to a significant delay in the
commencement of commercial operations at the plant.
The material
damage claim has been settled. However, the ALOP
and ICOW claims
arising from the delay remain in issue.
The plant is of such importance
that the delayed start up has
had an impact on the worldwide price
of the product concerned.
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The dispute has been the subject of competing proceedings
in
two jurisdictions. Following forum challenges, our client insurers
and the insured have agreed to an ad hoc arbitration before an
international panel.
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