VANGUARD ASSURANCE CO. LTD. vs. J. M. ADDO & SONS LTD.

The plaintiff, a limited liability company engaged in pharmaceutical importation and distribution, insured its assets including a warehouse and stock of Wormplex 400 Albendazole tablets with the defendant insurance company under an Assets All Risks Insurance Policy. During a stocktaking on 31/12/2009, the plaintiff discovered 514 cartons of the tablets missing, valued at GHC514,000. Police investigations revealed forcible entry by drilling into warehouse locks and theft. The plaintiff reported the loss to the defendant in January 2010 and lodged a claim, which the defendant repudiated, alleging no forcible entry occurred. The plaintiff sued for the value of the lost goods, interest, aggravated damages, and costs. The trial court found for the plaintiff, holding the defendant's repudiation wrongful.

F.G.KORBIEH, J.A. The facts leading to the suit and the judgment from which this appeal emanates are relatively simply. The protagonists in this case entered into a contractual relationship whereby the plaintiff/respondent (hereinafter only referred to as the plaintiff) took out an Assets All Risks Insurance Policy with the defendant/appellant (hereinafter only referred to as the defendant). The plaintiff was at all material times a limited liability company engaged in the business of importation, distribution and sale of pharmaceutical products whilst the defendant was a limited liability company engaged in the business of insurance and related activities. On the 11/11/2008, the plaintiff took out the insurance policy in respect of the plaintiff’s assets including its warehouse and the products contained therein. The warehouse in question was located at Plot No. 17, Section 48, North Kaneshie, Accra and the products included a quantity of Wormplex 400 Albendazole tablets. It was t.....