Category Archive: Professional Indemnity

Senate Inquiry into ‘non-confirming’ building products is wrapping up

On 23 June 2015, the Senate commenced a wide-ranging an inquiry into the use of ‘non-conforming’ building products (being products and materials that do not meet required standards). The inquiry was launched following a 2014 fire in a Victorian apartment complex involving the use of aluminium composite panelling. The due date for reporting has been …

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The Victorian Building Authority fires up for further audits

Following the Lacrosse fire in Melbourne’s Docklands in late 2014, the Victorian Building Authority (VBA) conducted an audit of non-compliant wall cladding systems of high rise buildings in inner city Melbourne. By way of background, the Lacrosse building was clad in aluminium composite panelling, and it is alleged that the panelling (with a combustible core) …

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A bird set loose

In Wayland v Bird [2017] NSWCA 26, the NSW Court of Appeal (NSWCA) held a professional indemnity insurer should not be joined under section 6(4) of the Law Reform (Miscellaneous Provision) Act 1946 (NSW) (Act), to a proceeding in which its insured was the defendant, in circumstances where it was entitled to refuse indemnity due …

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Senate Signs off on Financial Adviser Reforms – Changes to Claim Volume/Risk Profile Ahead?

Last Week the Senate passed the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 and paved the way for wide ranging reforms (and increased compliance obligations) in the financial advisory industry. The new regime starts on 1 January 2019 and includes the following reforms: – Compulsory education requirements for both new and existing financial …

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To cap or not to cap? Tassie finally joins the party

Late last year Tasmania passed changes to its capped liability legislation, finally bringing it into line with the mainland, more than 10 years after the legislation was first introduced in the apple isle. The legislation allows professional groups to register schemes, by which their members can, by statute ‘cap’ or limit their professional liability, to …

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Climate change risk heats up for directors

Today marks the formal adoption of the Paris Agreement on climate change in many countries across the globe. When ratified in Australia, the Agreement will give legal effect to the development of an economy dedicated to low carbon emissions. The Agreement ushers in a new age for corporate Australia, in which company directors will be …

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Insurance Review May 2016

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Welcome to Insurance Review May 2016, DLA Piper’s publication dedicated to the insurance industry. In this edition we report on developments across the insurance industry, including the impact of the AEC and other regulatory developments. We also report on the latest cases in many classes of business, including D&O, cyber, privacy, fintech, construction, medical indemnity, …

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New Federal Court Insurance List for Short Matters – encouraging a more nimble, creative approach to insurance litigation

Belinda_Randall

The Federal Court of Australia established an Insurance List for short matters in December 2015 which will commence in Melbourne on 10 and 11 March 2016 before being rolled out in other cities. An information session was held by The Honourable Chief Justice Allsop on 10 March 2016 to explain the list. His Honour gave …

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DLA Piper Corporate Insurance Trends 2015

Over the last 12 months, the insurance industry has seen speculation with respect to litigation funding regulation, resolutions of large class actions and consolidation in the form of acquisitions in the industry. There has been significant activity in the industry. In our signature publication, Corporate Insurance Trends 2015 we have examined some of the trends …

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Proportionate liability now dead for financial planners?

The High Court has today significantly diminished (and arguably removed) the benefit of proportionate liability provisions in the Corporations Act and the ASIC Act in its judgment of Selig v Wealthsure Pty Ltd [2015] HCA 18.

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