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High Court victory for Ted Baker in AXA theft policy dispute

25 May 2012

British clothing retailer Ted Baker has won a critical ruling in the High Court in its dispute with its insurers AXA.

Ted Baker was insured with AXA for a number of years under a Commercial Combined policy. Law firm Browne Jacobson acted for Ted Baker.

In Dec 2008 an employee was arrested, charged and later convicted of stealing stock from one of the retailers warehouses in North London.

The retailer suffered a significant loss running into seven figures and made a claim to AXA for certain of the losses.

AXA argued that the policy did not cover claims for employee theft. It also argued that their policy ought to be rectified as neither party had intended the insurance cover to extend to employee theft.

In delivering its judgement today (25 May 2012) the High Court has ruled that the terms of the policy did cover employee theft.

In doing so the High Court has also confirmed that the retailer can also claim for loss of profits under the Business Interruption section of the policy.

In addition the Court did not agree with AXAs argument that the parties did not intend employee theft to be insured.

The court will now have to decide the issues on claims cooperation and quantum.

Nichola Evans, Partner for Browne Jacobson who acted for Ted Baker, commented:

"We are delighted with the judgement on behalf of our client."

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Lakhbir Rakar

Lakhbir Rakar

PR Manager