Registered proprietors of lots in a strata plan may be persons to whom insurance cover extends under a strata company's insurance contract, entitling them to claim directly against the insurer under s 48 of the Insurance Contracts Act 1984 (Cth), where the policy definition of the insured includes reference to the interest of proprietors. A settlement agreement between a strata company and its insurer does not bar co-insured proprietors from pursuing the balance of claims where the objectively determined common intention was that the settlement was not in full discharge of all claims. Section 48(3) of the Insurance Contracts Act does not alter the general law on res judicata or the effect of settlement on co-insureds.
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