PROFESSIONAL NEGLIGENCE — negligent valuation of property taken as security by lender which exercised its power of sale and sold the property at public auction — the net proceeds were insufficient to meet the borrower’s indebtedness — claim for shortfall brought by lender directly against the insurer under s 6 of the Law Reform (Miscellaneous Provisions) Act 1946 — whether the policy responded was dependent on the date the cause of action arose — a breach of duty causing a person to enter into a disadvantageous transaction that comprises a mere risk of economic loss does not give rise to a cause of action at the time of the transaction, and a cause of action will only accrue at a later time if actual loss materialises or eventuates — whether the contingent loss became actual at the time of the borrower's default, or at the time of auction when the shortfall crystallised
