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An appeals court challenge by a group of small businesses seeking coverage under business interruption insurance policies for losses flowing from COVID-19 restrictions has largely failed.
Japanese oil and gas producer INPEX and contractor JKC Australia have settled all claims between them relating to the construction of the $45 billion of Ichthys LNG project.
In rejecting a bid by The Star Entertainment Group to recoup losses stemming from the COVID-19 pandemic, the Federal Court's Chief Justice did "real and unexplained violence" to the construction of a business interruption policy the casino giant had taken out with Chubb, the Full Court has heard.
Insurers have largely succeeded in challenging COVID-19 business interruption losses claimed by a group of small businesses, in an important second test case that could save the industry billions of dollars.
The Star Entertainment Group will not be able to recoup losses at its casinos and hotels stemming from the COVID-19 pandemic, after a judge found the company's $4 billion industrial special risks policy did not cover financial losses from government-imposed restrictions.
The High Court has rejected a bid by a group of insurers to weigh in on a test case against COVID-19 related claims in business interruption policies, following a high stakes loss in the NSW Court of Appeal, which found an infectious disease exclusion did not apply.
A group representing insurers has filed another test case over pandemic coverage in business interruption policies, following a landmark loss in a test case concerning an infectious disease exclusion that could cost insurers $10 billion.
At least five law firms are investigating lawsuits, including class action proceedings, in the wake of a landmark test case on COVID-19 exclusions for business interruption cover.
The Insurance Council of Australia has asked the High Court to weigh in on its case against COVID-19 related claims in business interruption policies, following its high stakes loss in a ruling last month that found an infectious disease exclusion did not apply.
Insurers will face a flood of pandemic-related claims after an appeals court ruled in a test case brought by the Insurance Council that certain infectious disease exclusions in business interruption cover do not apply to coronavirus-related claims.