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| TITLE | [Insurance Proceeds]Supreme Court Decision 2007Da57527 Delivered on August 21, 2008 [full Text] |
|---|---|
| Summary | |
| [1] The meaning of ""any dishonest or fraudulent act committed by employees"" as stipulated in Article 12 (ii) of the General Conditions in the Bankers Policy applicable to the Lloyd's of London's standard contract in English [2] The case holding that the assured's acts of receiving orders over 71 times to manipulate the price of listed shares fall within the scope of ""any dishonest or fraudulent act committed by employeesc as stipulated in Article 12 (ii) of the General Conditions in the Bankers Policy applicable to the Lloyd's of London standard contract in English [3] Whether Article 12 (ii) of the General Conditions in the Bankers Policy applicable to the Lloyd's of London standard contract in English applies only in the case where the assured comes to know of any dishonest or fraudulent act committed by employees ""during the insurance period"" (negative) [4] The case holding that an insurer is not obligated to explain Article 12 (ii) of the General Conditions in the Bankers Policy applicable to the Lloyd's of London standard contract in English because it is general and common in the matter of transactions and thus, an insurance purchaser could have reasonably expected such a provision without any separate explanation [4] The case holding that Article 12 Item (ii) of General Conditions in the Bankers Policy which is applied to the standardized contract written in English prepared by the Lloyd of the United Kingdom is not subject to the insurer’s obligation to explain because it is general and common in the matter of transactions and thus, an insurance purchaser could have fairly expected it without separate explanations | |
