LAZARD BROTHERS & CO., LTD. v. BROOKS.

(1932) 42 Ll.L.Rep. 146

COURT OF APPEAL.

Before Lord Hanworth (Master of the Rolls), Lord Justice Slesser, and Lord Justice Romer.

Insurance - "In and Out" policy - Agreement by plaintiff bankers to provide A with credit facilities in respect of shipments of hides, plaintiffs to accept drafts drawn by sellers, drafts to be accompanied by invoices and by letters from buyers acknowledging their indebtedness and undertaking to reimburse plaintiffs - Fraud of A and his associates in the transaction - Insolvency of A and his associates - Loss sustained by plaintiffs - Claim under policy-"Whereas the plaintiffs are desirous of effecting insurance . . . against the loss or deprivation as hereinafter mentioned" of securities - Operative part of policy covering securities "lost mislaid or accidentally destroyed and whether from within or without and whether by officers, clerks, or servants (whether authorized or unauthorized or on salary, commission, share in profits or apprenticed or otherwise) of the [plaintiffs] or by any other person or persons or by the negligence or fraudulent conduct of the said officers, clerks or servants or other person or persons" and "any other loss whatsoever through the theft, fraud, larceny, embezzlement or other dishonesty of or forgery by any such officer, clerk, servant, person or persons" - Meaning of "any other loss whatsoever" - "Other person or persons" - Ejusdem generis rule - Proximate cause of loss - Ambiguity