GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND v EUCLIDIAN (NO 1) LTD

[2007] Lloyd's Rep IR Plus 51

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before Mr Justice Field

Insurance (after the event) – Bank lending money to claimants to fund premium for ATE insurance – Binding authority issued by underwriters to operator of scheme for issue of certificates of insurance to claimants – Policies assigned to bank – Whether bank entitled to recover from ATE insurers where underwriters not liable to indemnify claimants – Whether clause a “security” – Whether cancellation of loan agreements “affected” the insurance – Consumer Credit Act 1974, section 113.