COX v. BANKSIDE MEMBERS AGENCY LTD.

[1995] 2 Lloyd's Rep. 437

COURT OF APPEAL

Before Sir Thomas Bingham M.R., Lord Justice Peter Gibson and Lord Justice Saville

Practice - Procedure - Lloyd’s litigation - Management - Errors and omissions insurance - Allocation of funds payable by E & O underwriters - Whether claimants should all be entitled to a share of funds available from E & O underwriters or whether those who first succeeded in establishing claims to have first call on funds - Application of Third Parties (Rights Against Insurers) Act, 1930 - Whether E & O policies or their proceeds subject to trust or other fiduciary obligation requiring rateable distribution of proceeds - Effect of management plan adopted in relation to Lloyd’s litigation. Insurance (Errors and Omissions) - Implied indemnity - Lloyd’s litigation - Whether agent entitled to be indemnified by E & O underwriter against interest and costs incurred as a result of underwriters’ decision to contest case.