[2005] Lloyd’s Rep IR 569

Jonathan Gaisman Q.C. led Simon Kerr – Reinsurance – Energy risks insured under Open Cover – Reinsurance issued as standing offer to subscribers to Open Cover – Whether brokers’ knowledge of loss prior to acceptance of reinsurance cover was a material fact – Whether reinsurers induced – Whether misrepresentations made to reinsurers as to duration and nature of direct risks under Open Cover – Whether implied term that reinsured would not “write against” the reinsurance – Nature of terms to be implied into a reinsurance agreement – Whether reinsurance covered long-term risks re-signed into the period of coverage.