Crocodiles, kangaroos, boomerangs and beaches. These are some of
the things that make Australia unique. However, unless you are a
travel insurer, they are not particularly relevant to insurance.
One thing that is both unique and relevant to underwriters however
is the Insurance Contracts Act 1984 (ICA) and the power it has,
particularly where a policy wording has been issued without having
regard to the provisions of this unique piece of legislation.
The uniqueness of claims-made cover
It is often a source of surprise, and sometimes bewilderment,
for London underwriters when we inform them that the effect of
their policy wording, in combination with the ICA, is that a recent
claim against an insured may fall into a policy period sometimes
many years earlier even though the insured did not notify any
circumstances to underwriters.
