Cologne, NRW -- (ReleaseWire) -- 02/03/2013 -- GRP Rainer Lawyers and Tax Advisors, Cologne, Berlin, Bonn, Düsseldorf, Essen, Frankfurt, Hamburg, Hanover, Munich, Stuttgart, Bremen, Nuremberg and London www.grprainer.com/en explain: In its judgment of 25 May 2011 (Az. IV ZR 117/09), the Federal Supreme Court ultimately dismissed the legal action submitted by a retail firm against one of the market-leading companies in the field of transporting money and valuables. The complainant sought through its legal action the insurance benefits from a purchased transportation insurance policy. The action had already been rejected by the competent appellate court and now the complainant’s appeal has also not been met with success.
In the nineties, the transportation company got into financial difficulties and did not immediately credit the sums of money collected from the transfer orders into the bank accounts of the clients. These sums of money were possibly initially used to settle other outstanding claims. It was not until 2006 that the shortfalls were discovered, since the cash provided by the company’s clients was likely no longer being credited to their bank accounts. Subsequently, the company had no choice but to file for insolvency.
In justifying its ruling, the Federal Supreme Court held that the “all risks cover” only persists for damage or loss of goods within the policy holder’s domain until transferal to the bank’s branches. Furthermore, the Court then elaborated that no insured event is likely to exist even if the payment into the policy holder’s account is carried out with the intention of initially using the sum of money for another purpose.
Transportation law is becoming more and more important due to the steadily rising transport numbers. One challenge for transportation law is the already abundant number of relevant legal regulations which, in addition to national norms and agreements also include international provisions, must be observed. It is therefore advisable when difficulties arise, to obtain legal counsel from a lawyer.
About GRP Rainer LLP
GRP Rainer LLP http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Essen, Frankfurt, Hamburg, Hannover, Munich, Stuttgart, Bremen, Nuremberg and London UK.
Contact Michael Rainer
Lawyer, Managing Partner
GRP Rainer LLP
Phone: +49 221-27 22 75-0