Insurance Law Monthly

In Allianz Insurance Australia Ltd v Certain Underwriters at Lloyd’s of London [2019] NSWCA 271 the New South Wales Court of Appeal has reversed the first instance decision of Rees J, discussing a question unresolved in England, namely, whether a policy which is stated to be in excess of any other insurance in place responds to a claim where the other policy excludes cover in the event of other insurance.

The Insurance Conduct of Business Rules (ICOBS), implementing the Solvency II Directive 2009, provide for a 14-day cooling off period during which the policy may be cancelled for any reason. The insurer is under an obligation to inform the assured of the right of cancellation, and the time for cancellation runs from the date on which the assured is informed of the right to cancel.

In Danbol Pty Ltd v Swiss Re International Se [2020] VSC 23 insurers refused renewal but offered the assured temporary cover for 14 days so that replacement insurance could be found. The question was whether that offer had actually been accepted by the assured.

The Financial Ombudsman Service, established by the Financial Services and Markets Act 2000 as the statutory successor to a number of voluntary ombudsmen schemes in the financial services sector, is charged by the legislation with the duty to hear consumer complaints and award remedies where appropriate.