LAW7121 - Insurance law

Leader: Wayne Gumley

Offered

Clayton First semester 2007 (Day)

Synopsis

The unit focuses on the rights and liabilities of parties to an insurance contract as governed by the common law and statute, with particular reference to the Insurance Contracts Act 1984 (Cth). Topics covered include risk, insurable interest, the duty of utmost good faith, non-disclosure and misrepresentation, conditions, warranties and premium, the role of agents and brokers in the formation of contracts of insurance, construction of policies and standard cover, adjustment of rights including claims, causation, proof and fraud, the indemnity principle and measure of loss, remedies and dispute resolution, subrogation, double insurance and contribution, cancellation of cover.

Objectives

Students completing the unit should be able to:

1. appreciate the role of insurance in managing the risks of business activity;
2. determine the legal rights and liabilities of the parties to a contract of insurance and advise on issues such as whether a policy covers the event which has occurred and whether the insurer has grounds for refusing the claim in whole or in part; and
3. evaluate the need for further reform of the legal rules governing insurance contracts.

Assessment

Assignment (3,000 words): 40% plus examination (2 hours writing time plus 30mins reading and noting time): 60%, OR Research paper (7,500 words) 100% subject to approval of the Chief Examiner.

Contact hours

Three 1-hour lectures per week

Prerequisites

LAW2100

Co-requisites

LAW2200