Macquarie Underwriting Pty Ltd v Permanent Custodians Limited

(2007) 240 ALR 519; [2007] FCAFC 60

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Interrogate

Catchwords

1. Insurance
2. › Professional indemnity insurance
3. › Charge on insurance moneys
4. › Leave to commence action against insurer
5. › Law Reform (Miscellaneous Provisions) Act 1946 (NSW), s 6(4)
6. › Whether arguable case of liability against insured and arguable case of indemnity under policy
7. › Whether exclusion clause in claims-made policy engaged
1. Insurance
2. › Insurance Contracts Act 1984 (Cth)
3. › Non-disclosure and misrepresentation
4. › Exclusivity of statutory remedies
5. › Whether policy exclusion clause was in substance a non-disclosure provision
6. › Whether s 33 of Insurance Contracts Act 1984 (Cth) engaged
7. › Insurance Contracts Act 1984 (Cth), ss 28, 33
1. Insurance
2. › Construction of insurance policy
3. › Endorsement excluding cover for valuations by unnamed persons
4. › Whether exclusion clauses in endorsement were cumulative or separate and free-standing
1. Agency
2. › Insurance
3. › Whether underwriting agent was insurer in its own right
4. › Whether proper to be added as insurer to proceedings

Quick Take

Leave to join insurers under s 6(4) of the LR(MP) Act requires evidence supporting an arguable case of indemnity under each specific policy relied upon; bare assertions of rectification or utmost good faith without evidentiary foundation will not suffice.