Insurance

An appeals court has found that Avant Insurance must indemnify a plastic surgeon for his legal bills and the claims of all relevant group members in a class action over alleged botched breast augmentations.

The structural engineer behind Sydney's Opal Tower has taken builder Icon's insurers to court, arguing they should cover its costs in a class action brought on behalf of residents of the ill-fated building and related litigation.

While mostly prevailing in test cases over coverage for COVID-19 business interruption claims, Insurance Australia Group has asked the High Court to weigh in on what it says is a "radical" approach by an appeals court in the treatment of JobKeeper payments.

Insurance Australia Group agent Bond & Credit Company owes damages for misleading representations to Greensill Capital if the insurer was not authorised to enter into a trade credit policy at the centre of four lawsuits over the collapse of the financial services firm, a court has been told.

Lloyd's has won access to letters between Moray & Agnew and an insurer to test its claims that a $3.7 million settlement the law firm agreed to over the sale of apartments at a $105 million South Yarra complex developed by millionaire Harry Stamoulis was excessive and made to protect the firm's reputation.

A Lloyd's syndicate has hit back at a lawsuit by Moray & Agnew, saying it did not have to cover part of a $3.7 million settlement between the law firm and a Melbourne property developer because the amount agreed to was "excessive".

Lloyd's has scored a win in a COVID-19 business interruption case, with a judge ruling the insurer can rely on a conformity clause in its insurance contract with a Snap Fitness franchisee to deny coverage.

Tokio Marine subsidiary Bond & Credit Company and fired underwriter Greg Brereton have been pulled into lawsuits targeting Insurance Australia Group over trade credit policies covering $4.6 billion in loans issued by the now collapsed Greensill Capital.

A Credit Suisse supply chain fund that was left heavily exposed with the collapse of Greensill Capital alleges Insurance Australia Group owes $43 million under a policy indemnifying it for outstanding debt owed by the failed financing firm.

An appellate victory by insurers in a test case over business interruption coverage for losses stemming from the COVID-19 pandemic does not spell the end to class actions brought on behalf of businesses whose claims were denied, according to a lawyer for the class actions.