ARTICLE · 05 DECEMBER 2012

The Insurance Contracts Act - recent flood amendment and the Unfair Contract Terms (UCT) laws

Colin Biggers & Paisley

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A recent amendment to the Insurance Contracts Act amends the definition of "flood" in response to the Queensland floods.

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Patrick Monahan

In brief - Amendment to the Act in response to the Queensland floods of 2010-2011

There have been significant increases in premiums related to cover for flood damage. Treasury is considering extending the Unfair Contract Terms laws to insurance contracts. (This article is a continuation of our earlier article How does the Insurance Contracts Act affect insurers and what are the planned developments to the Act? )

Flood amendment a response to National Disaster Insurance Review

There has been one recent amendment to the Act this year, quite separate from the proposed changes set out in the Bill discussed in the first part of this article. This is a specific amendment to address a controversial public issue in Australia, namely cover against flood damage.

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