Legal
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The case started in Sydney today, with the Insurance Council of Australia arguing that the intention of pandemic exclusions in commercial property policies is clear.
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The scheme’s operational independence was thrown into doubt earlier this year when the mutual was reclassified as a public sector entity.
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Insurers argue that the judgment shows that downturns prior to the occurrence of the insured peril can be accounted for. -
The regulator, the Hiscox Action Group and seven carriers will seek leave on Friday to appeal the High Court judgment directly to the Supreme Court.
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The Bronek Masojada-led carrier says it has yet to decide whether to challenge the High Court ruling.
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Hiscox Action Group lawyers demand the regulator uses powers to speed up interim payments.
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Lloyd’s CEO points to the likelihood of a drawn-out dispute in comments on an Airmic panel.
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A trade body and broker said payouts would be the “ethical approach” to support financially stressed businesses.
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The regulator anticipates a flood of post-Brexit applications from companies that have availed themselves of the temporary permissions regime.
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Almost 25% of brokers polled by Liiba opted to set up in Belgium.
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The proposals would bar carriers from making existing customers pay more than newcomers if they purchase cover through the same channel.
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The law firm claims the widely used “resilience” wording should respond to government-ordered lockdowns.
