DORNOCH LTD v MAURITIUS UNION ASSURANCE CO LTD (NO 2)

[2007] Lloyd's Rep IR 350

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr Justice David Steel

Reinsurance - Excess of loss reinsurance cover for property losses - Employee systematically defrauded assured bank by removing money from accounts - Whether losses amounting to property losses - Whether losses could be aggregated so as to exceed deductible - Whether 72-hour clause prevented recovery of losses discovered more than 72 hours after occurrence.