Here, construction collapses and extreme weather events continue to dominate the headlines.
In the last two years 2,023 construction companies have gone into liquidation. This has influenced several emerging trends including an increase in and a willingness to pierce the corporate veil and pursue directors and officers personally.
The current economic climate may lead to an increase in claims made under multiple insurance policies, in which case, questions of rights of subrogation and contribution may arise.
Additionally, the favourable legislative regime in Australia makes it an attractive forum for overseas litigants.
However, recent decisions demonstrate a willingness by the courts to adopt a logical and business-like interpretation of policies noting that insureds should get what they pay for.
Against that, insurers should consider the scope of cover available and whether policies are appropriately priced, having regard to the increased risk in this region.
- Location, location, “location insured” – the Full Federal Court interprets a rainfall exclusion in a contract works policy
- How the State de-clad the corporate veil
- Opal Tower – who can sue (and under what policy)?
- High Court of Australia dismisses insurers’ appeal to quash class action