CRE Insurance Archives - Page 4 of 4

Statutory Liability insurance and recent legislative changes

By Adam Battista | 5 November 2020 | Comments are closed

This class of insurance is specifically designed to respond in the event of an insured business, its employees, directors and officers inadvertently breaching an Act of any Australian Parliament by covering defence costs and fines or penalties issued against the business or individuals.

Governments are constantly legislating new laws or amending current legislation to place greater deterrents on businesses with subsequent fines increasing and in some instances being linked to current Consumer Price Index (inflation) levels.

Contractual Risks – Part 2: Proportionate Liability

By CRE Insurance | 26 September 2016 | Comments are closed

One critical risk for contractors – and the engineering market more broadly – is the issue of Proportionate Liability legislation. Proportionate liability legislation was an important reform introduced in response to the 2001 insurance crisis and replaced the doctrine of ‘joint and several’ liability.

Contractual Risks – Part 1: It’s a minefield

By CRE Insurance | 26 September 2016 | Comments are closed

Companies operating within the construction, resource and energy sectors commonly assume a variety of risks through their contractual arrangements. Whilst many of these contracts may trace their origins to an Australian Standard form, in many cases these contracts will have been ‘doctored’ from one project to the next.