A dispute on new for old insurance

Abstract

A shipping company ("Claimant") signed with an insurance enterprise ("Respondent") an insurance contract ("Insurance Contract"). At 13:00 on 11/08/2017, the ship carrying 1,100 metric tons of steel scrap left Can Tho port for Hai Phong as port of discharge. At 19:20 on the same day, the ship had arrived at the anchorage area of Dinh An estuary and dropped anchor, waiting for suitable tides to sail further. On 12/08/2017, at 03:00 a.m. the ship heaved up her anchor to continue sailing to Hai Phong. When arriving at buoy No. 20 at 04:10 a.m. she was unable to maneuver, and had to anchor at position of 9o31.012N - 106o21.737E. The chief engineer had checked and reported that the gearbox transmission fitting had a problem, therefore, the ship was unable to sail.