16467 Lecture Notes - Lecture 11: Professional Liability Insurance, Corporations Act 2001, Uberrima Fides
Document Summary
Lecture week 11 (continued) insurance: insurance contracts act 1984 (cth) Injury /death of persons including employees, the public, the parties. Carrying out construction work involves many risks, such as: Damage or destruction of property including the contract works. May arise from numerous causes, such as: Construction contracts usually contain clauses/provisions regarding insurance, (closely associated with provisions re indemnity/care of the works) which seek to: Ensure there is adequate cover against relevant risks. Specify the process for settlement of claims. Parties may determine types and amount of insurance cover to be taken out. Contract should specify who (i. e. principal or contractor) is responsible for taking out/maintaining the particular insurance cover (usually that party is required to provide evidence that cover has been taken out e. g. , certificate of insurance) Extent of insurance cover provided for when contract is signed may be inadequate several years later if damages from personal injury/death are assessed by a court.
