YASUDA FIRE & MARINE INSURANCE COMPANY OF EUROPE LTD v LLOYD’S UNDERWRITING SYNDICATES NOS 229, 356, 462, 571, 661 AND 961

[1998] Lloyd's Rep IR 285

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before MR JUSTICE CRESSWELL

Excess of loss - Whole account - Aggregate extension clause - Construction “losses on risks covering on an aggregate basis” - Whether underlying policies/contracts to be equated with reference to “all aggregate policies or contracts coming within the scope of this protection” - Whether risks under professional liability policies/ contracts covered on an each and every claim basis - Necessity of adding together claims and losses for purpose of establishing whether underlying policys limit had been reached - Whether such additions of individual claims and losses constituted “risks under policies/contracts reinsured hereby covering on an aggregate basis” - Effect of deductibles under policies and other provisions such as per claim retention/deductible subject to leap down, fixed retention/deductible and excess layer drop down.