A £2.3m legal battle over an indemnity claim started in the High Court on Tuesday has now been settled. But mystery surrounds the terms of settlement.
The battle, set for a three week hearing at a cost of at least £150,000, concerned claims by surveyor Andrew Panton and his uncle and associate David Hicks that they were entitled to indemnity from seven insurance companies and a Lloyds syndicate following their valuations of 13 properties.
The valuations were made in 1989 and 1990 on instructions of chartered surveyor Fleury Manico, which sub-contracted the work to Panton’s company, known as Winston Surveys (UK), in Essex. The instruction was on behalf of the Portsmouth Building Society (now the Cheltenham & Gloucester).
Fleury Manico later settled claims against them and sued Panton and Hicks claiming they were entitled to be indemnified by them against the money they had paid out.
Judgement was given against Panton and Hicks and now, in a case expected to be reserved, they are seeking indemnity from the insurers.
The insurers claimed that they were entitled to treat the insurance policy as void because Hicks, who is not a qualified surveyor, had “simulated” Panton’s signature on mortgage valuation documents submitted to the building society.
They also claimed that the negligent surveys were carried out by Hicks and not Panton, who at the time was employed full time by Savills at its offices in Chelmsford and Leytonstone.
EGi News 05/03/98
