KYLE BAY LTD v UNDERWRITERS SUBSCRIBING TO POLICY NO 019057/08/01

[2006] Lloyd's Rep IR 718

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Jonathan Hirst QC (sitting as Deputy High Court Judge)

Insurance (business interruption) - Whether policy written on gross profits (average) basis or declaration linked basis (no average) - Whether policy could be rectified - Claim compromised under final settlement on basis of gross profits cover - Whether settlement void for mistake or voidable for misrepresentation - Whether settlement subject to condition precedent.