Our most recent Insurance articles are listed below:
27 February 2008
Overview of the Financial Sector Legislation Amendment
The Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 has recently been passed. The Act amends the Insurance Act 1973, with the main provisions taking effect on 1 July 2008.
24 October 2007
Treasury Discussion Paper on exemptions to the regulation of direct offshore foreign insurers
The Financial Section Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 has been passed. The Act amends the Insurance Act 1973, with the main provisions taking effect on 1 July 2008.
21 September 2007
How narrow is the cover provided by the 'Closure' endorsement in the ISR Policy?
In this article, Mark Darwin discusses the ‘Closure’ endorsement of the ISR Policy, which is a means by which the Business Interruption (Section 2) cover is triggered even though there has been no Material Damage insured under Section 1 of the ISR Policy.
03 July 2007
Should brokers and corporate insurance buyers make submissions to the Senate Committee considering changes to the regulation of Direct Offshore Foreign Insurers?
Legislation has been introduced into the Australian Federal Parliament which will fundamentally change how Direct Offshore Foreign Insurers (DOFIs) can participate in the Australian general insurance market.
01 September 2006
Class actions and Fostif create a new risk environment for directors and officers
If there is one lesson to be learned from the recent increase in Australian class action litigation against major companies, it is that this kind of litigation is no longer an exclusively American phenomenon.
16 June 2006
The duty of good faith: The ‘sleeper’ of insurance obligations?
The duty of good faith is central to both the contract of insurance and the relationship between insurer and insured. This article briefly examines the law on the duty of good faith in Australia and the United States and concludes that the law in the two countries is broadly similar.
28 September 2005
Is litigation funding here to stay?
The increased profile of litigation funders in Australia and recent court judgments analysing funding agreements has fuelled the debate about the comparative benefits and disadvantages of litigation funding and the issue of maintenance and champerty.
28 September 2005
Shareholder class actions—a review
The Australian financial sector has undergone a facelift over the last 20 years and ‘shareholder vigilance’ is a phrase that is now appropriate to characterise Australia’s investment environment.
28 September 2005
Assigning a policy of insurance effectively
There are a variety of situations in which it may be appropriate to consider the assignment of a policy of insurance. An assignment may form part of a settlement of litigation involving the insured, or play some role in a finance transaction. For instance, our insurance teams in Perth and Sydney were recently requested to effect the assignment of numerous insurance and reinsurance policies in the context of a financing transaction.
17 February 2004
Allocation of common costs under directors' and officers' liability insurance
On 23 October 2003 Justice Einstein of the New South Wales Supreme Court handed down his decision in Baycorp Advantage Limited v Royal & Sun Alliance Insurance Australia Limited [2003] NSWSC 941.
21 September 2001
Insurance and risk solutions for commercial projects
Negotiating commercial contracts revolves around the allocation of risks among the parties. However, strategic analysis of how those risks can be allocated is often not carried out, or only carried out superficially, on the basis of past practice. This article explores the pitfalls of the conventional approach to risk management and the best method to achieve more effective and cost-efficient risk allocation when negotiating commercial contracts.
21 September 2001
Insurance and professional liability: The trend of uncertainty
The current operation of the law of negligence raises constant concerns about the likely exposure of corporations and its advisers. This article reviews the expanding role of the law of negligence and discusses its implications for Australian businesses.
21 September 2001
Risk analysis and commercial solutions
This article sets out the questions that businesses need to ask in order to implement an effective and cost-efficient risk analysis and subsequent risk management process.
21 September 2001
Class actions: Insurers' friend or foe?
Mention 'class actions' and most Australians immediately think of United States-style litigation that should be avoided at all costs. The reality, however, can be very different. This article addresses the issues that arise in class actions and the extent to which they affect defendants and their insurers, as well as analysing the criteria the courts have used in allowing certain class actions to go ahead.
21 September 2001
Crisis management: Liability and insurance issues
Recent experiences in Australia and New Zealand have highlighted the fact that a well-developed crisis management plan is crucial to a successful business. This article demonstrates how an effective crisis plan can minimise risks while also adding value to a company's operations.
25 May 2001
FSRB: Implications for the insurance industry
The Financial Services Reform Bill (FSRB) was introduced by the Minister for Financial Services and Regulation Mr Hockey, on 5 April 2001, and introduces a single licensing regime for suppliers of financial products and services and common disclosure provisions.
