The 'ultimate net loss' definition in an excess of loss employer's liability insurance policy extends to all sums actually paid by the insured in respect of a workplace accident, including expenditure reasonably incurred to minimise statutory liabilities, and is not confined to statutory and common law liabilities. Under an insurance contract requiring periodic indemnity payments, a new cause of action accrues each time a payment obligation arises, analogous to periodical rent payments. Attendant care services for an injured worker do not constitute 'medical services' under the Workers' Compensation Act 1927 (Tas). The BP Refinery implied term test is not satisfied for a term that costs of minimising loss are covered by an insurance policy, where such a term would contradict the express terms if the policy is construed as limited to statutory liabilities.
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