14 Dec 2010
TRUSTEES EXECUTORS LIMITED V QBE INSURANCE (INTERNATIONAL) LIMITED CA CA671/2009
- Citation
- openlaw-efc0e040_7063_4d9f_bf5d_0afd05a810a9.pdf
- Court
- Court of Appeal
The Court dismissed the appeal, upholding the High Court approach that the Securities Exclusion is to be interpreted by reference to the contract and factual context and can exclude claims involving depreciation in value of investments even where negligence or unauthorised investments contribute; exclusion clauses remain subject to narrow construction and contra proferentem when genuine ambiguity exists, but interpretation must account for the parties' mutual intention per Vector; furthermore, a definitive declaratory judgment on the policy's scope is generally unsuitable where key factual ba…