UKSC distinguished insured clauses from insuring clauses in a liability insurance policy, holding that a funding exclusion defined the scope of cover rather than excluding liability already covered.
insurance
Under Insurance Contracts Act s.54, an insurer cannot refuse a claim on the basis of the insured's breach of duty of disclosure where that breach did not cause or contribute to the loss.
Insurance contract construction follows general commercial contract principles, requiring consideration of text in context and giving effect to the commercial purpose.
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