DORNOCH LTD v MAURITIUS UNION ASSURANCE CO LTD (NO 2)

[2007] Lloyd's Rep IR Plus 15

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before Mr Justice David Steel

Reinsurance – Excess of loss reinsurance cover for property losses – Employee systematically defrauded assured bank by removing money from accounts – Whether losses amounting to property losses – Whether losses could be aggregated so as to exceed deductible – Whether 72-hour clause prevented recovery of losses discovered more than 72 hours after occurrence