Under a switching clause requiring three days' notice, the insurer cannot effect the switch before expiration of the notice period, and the applicable unit prices (both buying and selling) are those at the date of giving notice. Implied or deduced terms that are inconsistent with express terms of a Prosperity Bond policy will not be recognised, including terms preventing a change from historical to forward pricing. Representations by insurance intermediaries that are inconsistent with express policy terms do not bind the insurer. The minimum equity under equitable estoppel cannot exceed the detriment actually suffered.
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