BAILLIERE, TINDALL & COX v. DRYSDALE.

(1948) 82 Ll.L.Rep. 736

KING'S BENCH DIVISION.

Before Mr. Justice Morris.

Insurance-"Pay as paid"-Floating policy covering (inter alia) water damage-Ultimate net loss-Floating policy for £34,500 taken out by plaintiffs with G.A. Corporation covering plaintiffs' property "at their own warehouse and offices and at any printers or binders or elsewhere or in transit in Great Britain" against (inter alia) water damage - Consequential loss policy taken out with Lloyd's underwriters, which provided (by subsequent indorsement): Notwithstanding anything herein contained to the contrary, it is hereby understood and agreed that as from the 25th day of December, 1944, the sum insured hereunder is increased to:-£17,935, the policy to pay the percentages as shown below, in the policies of the [G.A. Corporation] as specified:- To pay 30 per cent. of the ultimate net loss as may be paid on floating policy in [G.A. Corporation] for: £34,500 covering assured's stock, etc., anywhere in Great Britain, fire, explosion and water damage. To pay 50 per cent. as above in respect of contents at: 7/8, Henrietta Street, covered in [G.A. Corporation] policy for: £15,170.

Bursting of water main (belonging to L. Co.) damaging plaintiffs' stock at Henrietta Street - Admission of liability by L. Co.-Claim under floating policy brought by plaintiffs against G.A. Corporation, claim being settled for £5434-Claim then brought by plaintiffs under consequential loss policy for 80 per cent. of amount received under floating policy- Payment to G.A. Corporation's assessors made by L. Co. (discharging their liability) slightly in excess of settlement under floating policy- G.A. Corporation reimbursed amount paid to plaintiffs under floating policy, balance being sent to plaintiffs -Right of plaintiffs to recover under consequential loss policy - Whether there was an "ultimate net loss" under floating policy-Amount recoverable- Reference in indorsement to the "policies" of G.A. Corporation- Only one policy-Whether plaintiffs entitled to recover both 30 per cent. and 50 per cent.-Premium charged against each percentage item.