<br />
INSURANCE REVIEW<br />
January 2014<br />
CONTENTS<br />
Overview...............................................................................................................................................................05<br />
Regulatory<br />
The Insurance Contracts Act amendments ................................................................................................. 07<br />
Regulatory snapshot ........................................................................................................................................... 10<br />
Cyber<br />
Happy e-Transacting with customers in 2014!............................................................................................. 11<br />
Data breaches and the impact on company directors and officers ....................................................... 12<br />
Professional Indemnity<br />
Professional indemnity insu<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 1" href="http://viewer.zmags.com/publication/70e832e7?page=1"> INSURANCE REVIEW January 2014</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 2" href="http://viewer.zmags.com/publication/70e832e7?page=2"> CONTENTS Overview................................</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 3" href="http://viewer.zmags.com/publication/70e832e7?page=3"> Policy Coverage </a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 4" href="http://viewer.zmags.com/publication/70e832e7?page=4"> INSURANCE FLASHLIGHT SHINING THE LIGHT ON INSURAN</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 5" href="http://viewer.zmags.com/publication/70e832e7?page=5"> OVERVIEW Welcome to Insurance Review January 2014</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 6" href="http://viewer.zmags.com/publication/70e832e7?page=6"> such an amendment were to be introduced, the posi</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 7" href="http://viewer.zmags.com/publication/70e832e7?page=7"> THE INSURANCE CONTRACTS ACT AMENDMENTS REGULATOR</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 8" href="http://viewer.zmags.com/publication/70e832e7?page=8"> Prior to this amendment the notice or information</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 9" href="http://viewer.zmags.com/publication/70e832e7?page=9"> the insured in writing of the general nature and </a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 10" href="http://viewer.zmags.com/publication/70e832e7?page=10"> REGULATORY REGULATORY SNAPSHOT Other than the am</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 11" href="http://viewer.zmags.com/publication/70e832e7?page=11"> CYBER HAPPY e-TRANSACTI</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 12" href="http://viewer.zmags.com/publication/70e832e7?page=12"> CYBER DATA BREACHES AND THE IMPACT ON COMPANY DIR</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 13" href="http://viewer.zmags.com/publication/70e832e7?page=13"> Commissioner’s Officer (ICO) (the office responsi</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 14" href="http://viewer.zmags.com/publication/70e832e7?page=14"> licence, that is not regulated by the Australian </a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 15" href="http://viewer.zmags.com/publication/70e832e7?page=15"> a key consideration of many corporations’ risk ma</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 16" href="http://viewer.zmags.com/publication/70e832e7?page=16"> industry best practices for protecting its data f</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 17" href="http://viewer.zmags.com/publication/70e832e7?page=17"> PROFESSIONAL INDEMNITY INSURANCE PROFESSIONAL IND</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 18" href="http://viewer.zmags.com/publication/70e832e7?page=18"> PROFESSIONAL INDEMNITY SOLICITORS’ NEGLIGENCE 2</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 19" href="http://viewer.zmags.com/publication/70e832e7?page=19"> decision in Donnellan v Woodland that it should (</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 20" href="http://viewer.zmags.com/publication/70e832e7?page=20"> PROFESSIONAL INDEMNITY VELLA OVERTURNED BY THE HI</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 21" href="http://viewer.zmags.com/publication/70e832e7?page=21"> At first instance In Vella v Permanent Mortgages </a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 22" href="http://viewer.zmags.com/publication/70e832e7?page=22"> propor tionate liability provisions. In doing so,</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 23" href="http://viewer.zmags.com/publication/70e832e7?page=23"> HONESTY IS THE BEST POLICY PROFESSIONAL INDEMNITY</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 24" href="http://viewer.zmags.com/publication/70e832e7?page=24"> THE APPEAL The New Zealand Court of Appeal found </a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 25" href="http://viewer.zmags.com/publication/70e832e7?page=25"> MEDICAL INDEMNITY A TURBULENT FREE AUSTRALIAN MA</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 26" href="http://viewer.zmags.com/publication/70e832e7?page=26"> The data revealed that, of all claims made, error</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 27" href="http://viewer.zmags.com/publication/70e832e7?page=27"> HIGH COURT VERDICTS FOR DEFENDANTS MEDICAL INDEMN</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 28" href="http://viewer.zmags.com/publication/70e832e7?page=28"> ■ Mr Almario failed to establish that he wou</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 29" href="http://viewer.zmags.com/publication/70e832e7?page=29"> PLANNING REFORM AND POLICY RESPONSE TO CLIMATE CH</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 30" href="http://viewer.zmags.com/publication/70e832e7?page=30"> requirement in the new planning act to take into </a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 31" href="http://viewer.zmags.com/publication/70e832e7?page=31"> CLIMATE 2011 THAI FLOODS: INSURANCE AND REINSURAN</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 32" href="http://viewer.zmags.com/publication/70e832e7?page=32"> reinsurer remain committed to supporting the clai</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 33" href="http://viewer.zmags.com/publication/70e832e7?page=33"> A FLOOD OF LITIGATION IN CANTERBURY EARTHQUAKES I</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 34" href="http://viewer.zmags.com/publication/70e832e7?page=34"> The argument arose primarily because many proper </a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 35" href="http://viewer.zmags.com/publication/70e832e7?page=35"> FLOOD EXCLUSIONS UNDER THE MICROSCOPE: LMT SURGIC</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 36" href="http://viewer.zmags.com/publication/70e832e7?page=36"> Therefore the issue in question was whether the w</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 37" href="http://viewer.zmags.com/publication/70e832e7?page=37"> AN UPDATE ON MICROINSURANCE INTERNATIONAL DLA Pi</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 38" href="http://viewer.zmags.com/publication/70e832e7?page=38"> REINSURANCE UK SUPREME COURT UPHOLDS GENERAL RUL</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 39" href="http://viewer.zmags.com/publication/70e832e7?page=39"> the legitimacy of Teal, as its excess layer insur</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 40" href="http://viewer.zmags.com/publication/70e832e7?page=40"> TRANSPORT RECENT TRANSPORT DECISIONS MAXWELL V </a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 41" href="http://viewer.zmags.com/publication/70e832e7?page=41"> President McLure further noted that section 54 is</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 42" href="http://viewer.zmags.com/publication/70e832e7?page=42"> Mr La Rosa’s practice to quote verbally for the t</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 43" href="http://viewer.zmags.com/publication/70e832e7?page=43"> The char terpar ty in question was for the carria</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 44" href="http://viewer.zmags.com/publication/70e832e7?page=44"> ARBITRATION T HE APPLICATION OF PROPORTIONATE</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 45" href="http://viewer.zmags.com/publication/70e832e7?page=45"> THE DANGERS OF RELYING UPON UNCORROBORATED WITNES</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 46" href="http://viewer.zmags.com/publication/70e832e7?page=46"> Conversely, the Court considered that the documen</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 47" href="http://viewer.zmags.com/publication/70e832e7?page=47"> SECTION 6 – PRINCIPLES AND ALTERNATIVE PATHS LITI</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 48" href="http://viewer.zmags.com/publication/70e832e7?page=48"> LIABILITY/INJURY SENSIBLE LIMITS IMPOSED B</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 49" href="http://viewer.zmags.com/publication/70e832e7?page=49"> The second of the judgments was Dean v Tower Insu</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 50" href="http://viewer.zmags.com/publication/70e832e7?page=50"> CIVIL LIABILITY WHEN DOES AN ACTIVITY BECOME A “</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 51" href="http://viewer.zmags.com/publication/70e832e7?page=51"> tracks and the usual fallen branches and debris. </a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 52" href="http://viewer.zmags.com/publication/70e832e7?page=52"> POLICY COVERAGE THE YEAR THAT WAS … IN POLICY INT</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 53" href="http://viewer.zmags.com/publication/70e832e7?page=53"> The underlying losses principally arose from sett</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 54" href="http://viewer.zmags.com/publication/70e832e7?page=54"> DEFAMATION 2013 – RECENT DEVELOPMENTS IN DEFAMAT</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 55" href="http://viewer.zmags.com/publication/70e832e7?page=55"> BUSHARA V NOBANANAS PTY LTD [2013] NSWSC 225 This</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 56" href="http://viewer.zmags.com/publication/70e832e7?page=56"> CONSTRUCTION BREAKING NEWS: BUILDER OF COMMERCIAL</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 57" href="http://viewer.zmags.com/publication/70e832e7?page=57"> a building context, in Woolcock Street Investment</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 58" href="http://viewer.zmags.com/publication/70e832e7?page=58"> PROPERTY PITFALLS OF RELYING ON CIRCUMSTANTIAL E</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 59" href="http://viewer.zmags.com/publication/70e832e7?page=59"> civil cases, the Cour ts do not require insurers </a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 60" href="http://viewer.zmags.com/publication/70e832e7?page=60"> CLASS ACTIONS HAVE CLASS ACTIONS HAD THEIR DAY? </a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 61" href="http://viewer.zmags.com/publication/70e832e7?page=61"> The representative plaintiff said that those risk</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 62" href="http://viewer.zmags.com/publication/70e832e7?page=62"> CLASS ACTIONS D&O – REGULATORY, CLAIMS ACTIVITY A</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 63" href="http://viewer.zmags.com/publication/70e832e7?page=63"> board members. Directors will be required to ensu</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 64" href="http://viewer.zmags.com/publication/70e832e7?page=64"> of policies providing cover for statutory liabili</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 65" href="http://viewer.zmags.com/publication/70e832e7?page=65"> CLASS ACTIONS AND SECURITY FOR COSTS CLASS ACTION</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 66" href="http://viewer.zmags.com/publication/70e832e7?page=66"> CLASS ACTIONS PRODUCT LIABILITY AND CLASS A</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 67" href="http://viewer.zmags.com/publication/70e832e7?page=67"> Under the Federal Court Act 1976 (Cth), a class a</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 68" href="http://viewer.zmags.com/publication/70e832e7?page=68"> PRODUCT LIABILITY PRODUCT PROTECTION IN A G</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 69" href="http://viewer.zmags.com/publication/70e832e7?page=69"> R EPAIR OF THE BRIDGE DOWN UNDER – FOR NOW… STATU</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 70" href="http://viewer.zmags.com/publication/70e832e7?page=70"> Provisions) Act 1946 (NSW) (section 6), precluded</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 71" href="http://viewer.zmags.com/publication/70e832e7?page=71"> HOW WE CAN HELP ABOUT US The depth of our insura</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 72" href="http://viewer.zmags.com/publication/70e832e7?page=72"> forwarders, terminal and port operators, governme</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 73" href="http://viewer.zmags.com/publication/70e832e7?page=73"> KEY INSURANCE CONTACTS For more information on</a>
<a title="2690330_Insurance_Review_January_2014_V11_WOCM page 74" href="http://viewer.zmags.com/publication/70e832e7?page=74"> ABOUT US DLA Piper is a global law firm with</a>