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Governor And Company Of The Bank Of Scotland –v- Euclidian (No 1) Ltd

20th Jul 2007

[2008] Lloyd’s Rep. IR 182

David Bailey Q.C. and Jawdat Khurshid – ATE insurance

Insurance (after the event) – Bank lending money to claimants to fund premium for ATE insurance – Binding authority issued by underwriters to operator of scheme for issue of certificates of insurance to claimants – Policies assigned to bank – Whether bank entitled to recover from ATE insurers where underwriters not liable to indemnify claimants – Whether clause a “security” – Whether cancellation of loan agreements “affected” the insurance