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Toomey -v- Banco Vitalicio (Atletico de Madrid)

18th May 2004

[2005] Lloyd’s Rep. IR 423

David Edwards acted for Spanish insurers of the football club Atletico de Madrid in court proceedings against their London market reinsurers. Athletico Madrid insured the club against the risk of relegation.

Reinsurance – Direct policy against loss of television rights in event that Spanish football team was relegated from Spanish first division – Whether policy written on agreed value or subject to proof of loss – Identity of insured person under policy – Reinsurance of policy on full reinsurance basis – Content of full reinsurance clause – Whether clause a warranty as to compliance of direct policy with stated terms – Whether warranty in reinsurance relating to nature of underlying insurance.

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