WASA INTERNATIONAL INSURANCE CO AGF INSURANCE LTD v LEXINGTON INSURANCE CO

[2009] Lloyd's Rep IR Plus 28

HOUSE OF LORDS

Before Lord Phillips of Worth Matravers, Lord Walker of Gestingthorpe, Lord Brown of Eaton-under-Heywood, Lord Mance and Lord Collins of Mapesbury

Reinsurance - Facultative policy - Insurers covering liability against pollution losses for three-year period - Reinsurance taken out on same terms and conditions for 36 months - US courts ruling that insurers were liable for losses going back many years - Whether reinsurers liable to indemnify reinsured - Back-to-back cover - Meaning of deductible clause.