MJ HARRINGTON SYNDICATE 2000 v AXA OYAK SIGORTA AS
[2006] Lloyd's Rep IR Plus 29
QUEEN’S BENCH DIVISION(COMMERCIAL COURT)
Before Mr Justice Aikens
Reinsurance – Bankers Blanket Bond policy issued to
Turkish bank – Reinsurance subject to requirement that employees of bank took
two weeks’ holiday – Whether compliance warranted – Whether condition precedent
requiring compliance applied to losses occurring prior to inception of policy –
Whether reinsurers precluded from relying on defences by agreeing to extend
time for compliance, failing to deny liability and subsequently extending cover
– Waiver and estoppel.