Insurance is an essential part of modern life covering a multitude of everyday risks and providing financial security in commerce and life generally. This unit covers the principles and concepts of insurance law and practice. A main focus will be on the rights and liabilities arising under contracts of insurance, under statute (principally the Insurance Contracts Act 1984 (Cth)) and at common law. Broad categories and common forms of insurance, and to a lesser extent reinsurance, and the risks covered by them will be considered. Concepts central to insurance will be dealt with including the duty of utmost good faith, the duty of disclosure, third party rights, proportionality, contribution, subrogation and fraud. Other matters to be considered include the role of insurance brokers and underwriting agents, the regulation of insurers (the role of ASIC and APRA), the progression of insurance from contract formation to claims and the role that insurance plays in the community, corporate life and in dispute resolution. There will be a practical emphasis which involve considering some common types of insurance policies and issues arising under them illustrated by problem solving. Consideration will also be given to the role of risk transfer and insurance in contracting.
2x2hr seminars/week for 10 weeks
Class Participation (10%), a 2000wd essay or problem-based assignment (40%) and 2hr open-book final exam (50%)
Mann's Annotated Insurance Contracts Act, Peter Mann, Thomson Reuters 6th edition