13 Jun 2011
QBE INSURANCE (INTERNATIONAL) LIMITED V PEGASUS GROUP LIMITED COA CA830/2009
- Citation
- COA CA830/2009
- Court
- Court of Appeal
Inventory exclusion clauses in QBE and AHA policies do not operate to bar use of stock records where there is independent evidence explaining the discrepancy as physical loss by theft; on the facts independent and corroborative evidence (stock records, surveillance, employee admissions, systemic opportunity and third-party losses) established proximate cause and quantum of loss; accordingly appeals dismissed, cross-appeal dismissed and insurers liable subject to lawful set-off and recoveries.