Lloyds TSB General Insurance Holdings v Lloyds Bank Group Insurance Co

An aggregation clause that allows separate losses to be treated as one where they result from 'one act or omission' (rather than a series of related acts or omissions, which the relevant clause did not include) requires a single unifying act or omission as the proximate or effective cause of the losses; multiple instances of similar mis-selling are not aggregated absent such a single originating cause.