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A
number of disputes arose under an Open Cover. One concerned an endorsement
that underwriters follow automatically all additions and/or deletions
and/or amendments and/or alterations of any description
whatsoever therein, Underwriters hereon waiving advice hereunder and
also to follow all claim settlements made by Leading Underwriters'.
It was held that notification to leading underwriters of declarations
was not enough to bind the whole market. Although there was no need
for specific acceptance of the declarations, each underwriter was not
bound until it received notice of the declarations within the terms
of the cover. Hence when following underwriters were not notified until
after expiry of the Open Cover, they were not bound.
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