WALTON v. NATIONAL EMPLOYERS' MUTUAL GENERAL INSURANCE ASSOCIATION LTD.

[1974] 2 Lloyd's Rep. 385

AUSTRALIA NEW SOUTH WALES SUPREME COURT

Before Chief Justice Kerr, Mr. Justice Hardie and Mr. Justice Bowen

Australia - Insurance (Professional Indemnity) - Policy covering stockbroker against "any claim for which the insured is legally liable arising out of negligence in the conduct of the insured's business" - Order by client to purchase 10,190 shares - Only 9170 booked for client due to employee's error - Purchase of 1020 more shares at higher price made to complete transaction - Heavy loss incurred by stockbroker - Whether insurer liable to indemnify him.