HIH CASUALTY AND GENERAL INSURANCE LTD v CHASE MANHATTAN BANK

[2003] Lloyd's Rep IR 230

HOUSE OF LORDS

Before Lord Bingham of Cornhill, Lord Steyn, Lord Hoffmann, Lord Hobhouse of Woodborough and Lord Scott of Foscote

Insurance (time variable contingency) - Insurance securing repayment of financing for production of films - Facultative policies (contracts of insurance) and line slip facility (contract for insurance) - Allegations of fraud and recklessness by brokers placing contracts of insurance and for insurance - Whether insurers having right to avoid contracts - Whether assured liable in damages to insurers for misrepresentations of brokers - Effect of truth of statement clause - Whether brokers liable in damages to insurers for breach of duty of utmost good faith - Whether truth of statement clause applicable to negligence by brokers - Whether truth of statement clause applicable to fraud by brokers.