LA BANQUE FINANCIÈRE DE LA CITÉ S.A. (formerly named BANQUE KEYSER ULLMANN EN SUISSE S.A.) v. WESTGATE INSURANCE CO. LTD. (formerly named HODGE GENERAL & MERCANTILE INSURANCE CO. LTD.)

[1988] 2 Lloyd's Rep. 513

COURT OF APPEAL

Before Lord Justice Slade, Lord Justice Lloyd and Lord Justice Ralph Gibson

Insurance (Credit) - Fraud - Banks made loans to borrowers - Gemstones lodged with banks as security - Credit insurance policy issued to borrowers to cover loans - Value of gemstones proved negligible - Banks claimed reimbursement under policies - Underwriters alleged fraud - Whether underwriters liable.