Early settlement saves on policy limit / defence costs

We assisted an insurer to settle out of a potentially long-running dispute by paying a proportion of the policy limit in satisfaction of all claims. Whilst the amount paid was substantial, it represented a large discount on the total limit, and removed the exposure for defence costs (which were potentially uncapped).


Related Articles

NO LONGER PART OF THE GROUP: IT MAY NOT BE TOO LATE

Legal Directions

Murray v Great Southern Managers Australia Ltd [2018] VSC 416 Facts In August 2011, a group proceeding was commenced on behalf…

Continue reading

COMPETING GETSWIFT CLASS ACTIONS TOLD TO GET STUFFED

Legal Directions

The Australian class action landscape has seen unprecedented growth in the past decade. Part of that growth has been the troubling…

Continue reading

$1 million penalty for breach of FOFA

Legal Directions

Introduction In 2012, the Corporations Act 2001 (Cth) (the Act) was amended [i] to include the Future of Financial Advice reforms…

Continue reading