The terms originating ’cause’ and ‘event’ are to be differently construed, one means a continuing situation and the other refers to a discrete event.
Under the ‘LMX Spiral’ Lloyds’ syndicates wrote substantial excess of loss business.The cross insurances between themselves eventually exhausted the cover, leaving none. Many members sued their underwiters, and the question was how the losses should be aggregated, the policies referring to losses arising ‘out of one event’.
Held: An ‘originating event’ is a one off, event, and is neither a continuous event, nor the same as a ’cause’. The expressions were different. The word ‘originating’ had been chosen to widen up the meaning to look out for one underlying and unifying factor. The claims could be aggregated.
Judges:
Mustill L
Citations:
Times 02-Jul-1996, Gazette 12-Sep-1996, [1996] 1 WLR 1026, [1996] 3 All ER 517, [1996] 2 Lloyd’s Rep 233, [1996] 5 Re L R 184, [1996] CLC 1169, (1996) 146 NLJ 1093, Times 02-Jul-1996
Citing:
Cited – Cox v Bankside Members Agency Ltd and Others CA 16-May-1995
Successful Lloyds names were entitled to enforce their claims in the normal time sequence. The transfer of the rights of the insured against the insurer under section 1(1) the 1930 Act takes place on the event of insolvency, even if the insured’s . .
Reversed on appeal from – AXA Reinsurance UK Plc v Field CA 10-Oct-1995
Liability limitation for insurers also binds re-insurers of same contract. . .
Cited by:
Reversed on appeal to – AXA Reinsurance UK Plc v Field CA 10-Oct-1995
Liability limitation for insurers also binds re-insurers of same contract. . .
Cited – Lloyds TSB General Insurance Holdings and others v Lloyds Bank Group Insurance Company Ltd HL 31-Jul-2003
The applicant had paid out many claims for mis-selling pensions. They sought to claim under their insurance. The claims met the requirements of the principle insurance, but the insurance companies sought to impose a limit by aggregation.
Held: . .
Lists of cited by and citing cases may be incomplete.
Insurance, Insurance
Updated: 18 May 2022; Ref: scu.78033