In Allianz Insurance Co - Egypt v Aigaion Insurance Co SA – Lawtel 19.12.08 the Appellant marine reinsurance company appealed against a decision that it was liable to the Respondent reinsured for its share of the loss suffered following a casualty in a fleet of insured tugs. The Appellant, which was based in Greece, provided reinsurance cover to the Respondent, which was based in Egypt, for a fleet of tugs. The transaction had been routed through the broker's Beirut office and had taken place entirely by email. Towards the end of the negotiations, the Appellant had asked the Respondent's broker to forward a slip recording the parties' agreement. The slip was duly forwarded, but it failed to include reference to a class warranty that the Appellant had stipulated and that had been agreed between the parties. The Appellant's senior marine underwriter emailed back that cover was bound with effect from 31.03.05 "as we had quoted". The question was whether the Appellant's final message was agreeing to cover with or without the class warranty.
The Commercial Court held that although on the true construction of the e-mail exchange the parties had concluded a contract, it was impossible to read the warranty into the slip offer. The slip was intended to be the definitive reference point, at any rate pending the issue of any policy document, of the terms of the parties' contract, and the warranty was not mentioned in it. It followed that there was a contract between the parties, but it was a contract that did not include the warranty.