Common intent – no policy rectification if you can’t prove it15 June 2022 | Insurance & Health Law
The Full Court of the Federal Court overturned a decision to rectify a D & O liability policy to provide Side C cover up to $50M instead of $10M, thus limiting cover available in respect of shareholder class action claims made against the insured.
Going for broke - indemnity declined to insurance brokers for misappropriation of trust funds18 August 2021 | Insurance & Health Law
This case concerns a brokerage firm’s request for indemnity from its insurer, related to a significant sum that had been misappropriated from its trust account. Ultimately, it was unsuccessful as the firm had not complied with its duty of disclosure because the Court attributed the knowledge of...
Applicants and allocation clauses – an indemnity dispute regarding defence costs6 July 2021 | Insurance & Health Law
The Court ordered AIG Australia Limited to fully indemnify two policyholders for defence costs incurred in underlying Supreme Court proceedings pursuant to a management liability policy, despite its reliance on a narrow definition of “manager”. The Court applied a businesslike interpretation to...
Federal Court finds AIG liable for Murray Goulburn class action under ‘Securities Claims’ cover27 April 2021 | Insurance & Health Law
The Federal Court has found against AIG in coverage of class action claims related to the Murray Goulburn dairy group and Webster as the traded units involved met the securities definition.