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

[2008] Lloyd's Rep IR 182

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.