Thomson Reuters Practical Law Australia's new practice notes bring together expert insights from leading practitioners across the Australian legal sector.
BN Insurance & Health PrincipalMelanie Quixleyhas contributed her insights in a practice note onInsurance in commercial transactions,delivering practical guidance and up-to-date analysis for legal and business professionals navigating insurance in commercial transactions.
This practice note covers:
- the nature and types ofinsurancecommonly required in commercial contracts, including first party loss and third-party liability insurance, and the distinction between occurrence and claims-made policies
- key terminology used in insurance contracts, and statutory duties such as disclosure and utmost good faith
- practical considerations for reviewing insurance policies, making claims, and understanding issues such as late notification, subrogation, and contribution
- guidance for drafting and assessing proposed insurance requirements in commercial contracts, focusing on risk allocation, policy limits, evidence of insurance, and the implications for contract negotiation
- lessons from COVID-19, including the evolution of business interruption insurance and the importance of reviewing policy wording in light of pandemic-related exclusions and test cases, and
- the recent extension of the unfair contract terms regime to insurance contracts, including legislative reforms, new penalties, and judicial guidance on how unfairness is assessed in practice.
This practice note provides a timely and practical overview for commercial parties, legal advisers, and insurance professionals navigating the complexities of risk allocation, regulatory change, and contract negotiation in today's business environment.