Coverage and notice

In Merrill Lynch International Bank Ltd v Winterthur Swiss Insurance Co [2007] Lloyd’s Rep IR 532 the assured bank had taken out credit insurance against the risk of non-payment of sums due to it by Eurotunnel under a financing agreement. The policy was complex and the decision turns very much on its own facts. There were two basic issues: what did the policy cover; and had proper notice been given to the insurers? Gloster J was able to give summary judgment to the bank on most points raised.