Business
How fine print could cost insurers $500m – The Australian Financial Review
General insurers are keen to protect their reputation after knocking back thousands of business interruption claims related to COVID-19.
The court unanimously ruled in favour of the policyholder on the basis that the reference to quarantinable diseases declared under the Quarantine Act 1908 “and subsequent amendments” could be read literally as a reference to the quarantinable diseases declared under that Act immediately before its repeal.
This was a test case supported by the Insurance Council of Australia. It is not dissimilar to a test case which was conducted in the United Kingdom on the initiative of the Financial Conduct Authority.
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