ALDRICH, DAY, CIVARDI, BIGGS AND ORS v NORWICH UNION LIFE INSURANCE COMPANY LTD NORWICH UNION LIFE INSURANCE SOCIETY v QURESHI AND QURESHI HEALTH CONSULTING COMPANY LTD (THIRD PARTY)

[2000] Lloyd's Rep IR 1

COURT OF APPEAL

Before Lord Justice Evans, Lord Justice Ward and Lord Justice Mummery

Property Backed Guarantee Plan for Lloyd’s Names - Life insurance, mortgage and guarantee - Guarantor paying Names’ debts to Lloyd’s under guarantee - Names in default of mortgage and premium payments under Plan - Whether Plan enforceable - Whether guarantor owed duty of disclosure as to financial position at Lloyd’s - Whether Financial Services Act 1986, section 47 rendered Plan illegal - Whether section 47 conferred civil remedy on Names.