SOCIETY OF LLOYD'S v MORRIS & ORS (1993)

CA 28/5/93

INSURANCE - EQUITY - TRUSTS - PROBATE

LLOYD'S NAMES LITIGATION : UNDERWRITERS AND UNDERWRITING : LLOYD'S PREMIUM TRUST DEED

Scope of trust creating provision did not include recoveries made by members from voluntarily made stop loss policies.

As to whether sums recovered by Lloyd's names under stop loss policies which they had taken out voluntarily for self-protection, were impregnated with any trust under Lloyd's Premium Trust Deed.

HELD: Clause 12(a)(i) covered "all premiums and other monies whatsoever now belonging or payable or hereafter at any time belonging or becoming payable to the name in connection with the underwriting". "In connection with the underwriting" imported the idea that the underwriting business had to be the source of the funds. The underwriting was not the source and accordingly those sums were not caught by the trust. Decision accordingly.

ILR 21/6/93 : (1993) 2 Re LR 217

Document No. AC1605505