LLR: Insurance & Reinsurance

John Lockey KC and Professor Robert Merkin KC

Document

ALLIANZ MARINE AVIATION (FRANCE) v GE FRANKONA REINSURANCE LTD LONDON THE “TREASURE BAY”

[2005] Lloyd's Rep IR 437

QUEEN’S BENCH DIVISION COMMERCIAL COURT

Before Mr Justice Christopher Clarke

Reinsurance - Direct policy on floating casino by insurers with 45.238 per cent line - Reinsurance obtained by insurers - Reinsurance containing a follow the settlements clause and made subject to a deductible of US$5 million each vessel, each accident - Casino damaged by insured peril - Whether deductible to be applied to total amount of settlement or insurers’ 45.238 per cent of settlement.

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