[2004] Lloyd’s Rep IR 683; [2004] 2 All ER (Comm) 512

Alistair Schaff QC and Peter MacDonald Eggers acted in this reinsurance matter; retail shops in World Trade Center; terrorist attack; transit and stock risks; construction; annual aggregate deductible.

Reinsurance – Direct policy against physical damage to retail stores – Policy containing annual aggregate retention clause and requiring assured to bear deductibles – Reinsurance responding to losses in excess of “original underlying deductibles” – Whether phrase included all deductible provisions of direct policy – Principle of back to back cover.