Ray Giblett

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Don’t be collared by your cap – how to ensure your insurance responds Weir Services Australia Pty Limited v AXA Corporate Solutions Assurance [2017] NSWSC 259

The recent decision of Weir Services Australia Pty Limited v AXA Corporate Solutions Assurance [2017] NSWSC 259 is a cautionary tale for insureds seeking to preserve cover when settling third party claims. In order to succeed against the insurer, an insured must prove the existence and quantum of the insured’s liability to the third party. … Continue reading

You think that’s excluded, think again – section 54(3) of the Insurance Contracts Act to the rescue

Allianz Australia Insurance Ltd v Smeaton [2016] ACTCA 59 A jet ski, no licence, and a freak accident which ended a boys’ afternoon out on the Ross River, Queensland. To top it off, a policy exclusion apparently excluded cover. Fortunately for the insured, section 54 of the Insurance Contracts Act 1984 (Cth) (ICA) stepped in … Continue reading

A High-Water Mark in Section 54’s Voyage to Certainty?

If the High Court’s signal in Highway Hauliers was not clear enough, the Full Court of the Federal Court has further affirmed the pervasive remedial nature of section 54 of the Insurance Contracts Act 1984 (ICA). Watkins Syndicate v Pantaenius concerned an appeal from a decision handed down in January this year (See https://www.insurancelawtomorrow.com/2016/10/section-54-of-the-insurance-contracts-act-a-hard-act-to-follow ). … Continue reading

Insurance and the sharing economy (Part 3): Smart contracts: the future of insurance?

Imagine an insurance policy which pays out on an insurable event without the need for involvement from a claims handler or even the policyholder lodging a claim. For today’s tech savvy consumer, hours spent on the phone to an agent or broker is a hangover from the analog age. Enter the smart contract. A smart … Continue reading

Would you like insurance with that? ASIC dishes up advice on add-on insurance

ASIC’s latest report (Report 492) on add-on insurance makes for sobering reading. Following a review of add-on general insurance products sold through car dealers, ASIC identifies a number of concerns. This follows earlier reports focused on consumer experiences (Report 470) and the sale of life insurance through car dealers (Report 471). The most recent report … Continue reading

5 Key Messages from Norton Rose Fulbright’s Insurance Panel Discussion

“The insurance industry is already evolving, and is now on the doorstep of major change.  The challenge is for us to adapt.”  This was one of the main themes of an insurance industry panel discussion held by Norton Rose Fulbright in Sydney on 4 February 2016 titled Consolidation, Competition and Challenges on the Global Insurance … Continue reading

Cyber Terrorism: Australian laws create coverage gap

The risk of a cyber attack being carried out on critical infrastructure is a real one, with losses extending to business interruption, property damage and personal injury. Around the world we have already seen examples of such cyber attacks, involving  a power plant in Ukraine, a uranium enrichment plant in Iran and, closer to home, … Continue reading

Warranty and indemnity Insurance – what is it and why you need it

Warranty and indemnity insurance has emerged as a common instrument to address deal risk in M&A transactions globally. What is warranty and indemnity Insurance? Warranty and indemnity Insurance covers losses arising from breach of a warranty (or in certain cases under an indemnity) given in connection with an M&A transaction thus facilitating transactions by transferring … Continue reading
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