Coverage & Policy Drafting
Policy coverage and monitoring advice
Gilchrist Connell has particular expertise advising insurers on policy coverage and providing monitoring advice across all commercial lines of insurance. We recognise that the contractual arrangements between an insurer and its insured are paramount. We understand the duties which insurers have to insured under their contracts, the Insurance Contracts Act 1984 (Cth) and more broadly, as well as the relationships and the sensitivities involved and we provide prompt, accurate and commercial advice to insurers.
Our clients can expect to receive
- Prompt recommendations as to where a reservation of rights should be put in place, including the risks of not doing so (waiver and estoppel)
- Prompt recommendations as to when coverage should be declined
- Practical advice in the management of claims, as well as the management of the relationships with all stakeholders including the insured, the brokers and, if necessary, external bodies such as FOS
- A full range of coverage services ranging from non-disclosure to exclusions, and from contractually assumed risk to advancement of defence costs and allocation
- Advice on the management and response to ‘bulk notifications’
- Management of claims which are likely to exceed the limit of cover under the policy
- Advice on the often conflicting interests between various layer insurers
- Fraud and dishonesty allegations
- Advice on recovery of uninsured losses, as well as dual insurance
Our experts draft policy wordings for all commercial lines of insurance on instruction from insurers, underwriting agencies, coverholders and brokers. We not only understand the industries for which the policies are written, we also have a deep understanding of the regulatory and legal requirements for insurers operating in Australia.
We are relied on by major insurers to draft policy for new insurance products, and to review and adapt existing policies for new markets. Our international experience includes drafting policy wordings for various Lloyd’s underwriters and amending wording to comply with Australian conditions.
Contact us for further information on how we can assist you.