CHARTERHOUSE DEVELOPMENT (FRANCE) LTD v SHARP FINANCIAL INSTITUTIONS INSURANCE BROKERS LTD ROYAL BANK INSURANCE SERVICES LTD

[1998] Lloyd's Rep IR 266

QUEEN’S BENCH DIVISION COMMERCIAL COURT

BEFORE MR JUSTICE LONGMORE

Bankers Blanket, Computer Crime and Professional Indemnity Insurance - Venture capitalist - Merchant bank - Subsidiary investing in French company - Subsidiary becoming a director - Company going into liquidation - Order of French court directing subsidiary to pay proportion of losses - Whether underwriter reading insureds brochure would be aware that insured might appoint non-executive director to join investee companys board - Whether appointment of such director could be provision by assured of service described In proposal form and covered within policy wording - Whether such service finished on appointment being made - Administrators claim against insured company - Whether claim arose out of ordinary course of insureds provision of service of being a director - Whether claim for financial loss caused by negligent act, error or omission on part of individual through whom insured exercised duties as director - Whether claim was for compensatory damages - Interpretation of French law - Whether claim excluded under policy exceptions - Quantum of damages.