GOSHAWK SYNDICATE MANAGEMENT LTD v XL SPECIALITY INSURANCE CO
[2004] Lloyd's Rep IR 683
QUEEN’S BENCH DIVISION COMMERCIAL COURT
Before Mr Justice Morison
Reinsurance - Direct policy against physical damage to retail stores - Policy containing annual aggregate retention clause and requiring assured to bear deductibles - Reinsurance responding to losses in excess of “original underlying deductibles” - Whether phrase included all deductible provisions of direct policy - Principle of back to back cover.