MJ HARRINGTON SYNDICATE 2000 v AXA OYAK SIGORTA AS

[2007] Lloyd's Rep IR 60

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr Justice Aikens

Reinsurance - Bankers Blanket Bond policy issued to Turkish bank - Reinsurance subject to requirement that employees of bank took two weeks’ holiday - Whether compliance warranted - Whether condition precedent requiring compliance applied to losses occurring prior to inception of policy - Whether reinsurers precluded from relying on defences by agreeing to extend time for compliance, failing to deny liability and subsequently extending cover - Waiver and estoppel.