Catchwords:

INSURANCE – directors and officers’ liability insurance – four policies of insurance – amount of cover for “Entity Securities Liability Optional Extension” (“Side C cover”) – whether Side C cover sub-limited to primary policy – whether policies should be rectified – whether up to $50 million in Side C cover – Lloyd’s insurance market –principles applicable to rectification of insurance policies – policies represent bundle of contracts between insured and insurers

EQUITY – rectification – consideration of relevant principles – standard of proof – policies represent bundle of contracts between the insured and insurer –volumes of contemporaneous material

APPEAL – whether relevant parties held a common intention – weight to be given to trial judge’s advantage where no witnesses and assessing inferences – principles in Aldi Foods Pty Ltd v Moroccanoil Israel Ltd (2018) 261 FCR 301 applied