9 Oct 2009
TRUSTEES EXECUTORS LIMITED V QBE INSURANCE (INTERNATIONAL) LIMITED HC AK CIV 2009-404-1165
- Citation
- openlaw-f888677f_395b_4da0_aecb_716965b08b60.pdf
- Court
- High Court
The Securities Exclusion's phrase "depreciation (or failure to appreciate)" is to be given its ordinary meaning as "loss of value"; the exclusion applies to claims that "arise from or are contributed to by" such loss where the claim originates in that loss, and therefore excludes indemnity for Tower's claim against TEL because the demand for compensation originated in the loss of investment value caused by TEL's conduct; "investments" in the exclusion covers investments however authorised, so the exclusion applies to unauthorised investments on these facts.