This course will provide students with an introduction to the general principles of insurance law. It will include an overview of the legislation that relates to insurance, particularly the Insurance Contracts Act 1984 (Cth), and the legislation that regulates the insurance industry, particularly Chapter 7 of the Corporations Act 2001 (Cth) and the Insurance Act 1973 (Cth), as well as an examination of the common law relating to insurance law. There will also be a consideration of the fundamental principles in insurance law such as the duty of utmost good faith, the duty of disclosure, double insurance, contribution, subrogation and reinsurance. This course is taught with an emphasis on the practical application of the principles of insurance law. Therefore, the fundamental principles will be considered in a practical context. In addition, there will be a consideration of various insurance policies, standard policy conditions and exclusions as well as indemnity issues. The course will also include an examination of insurance law in a dispute resolution framework in terms of the nature of insurance disputes, dispute resolution mechanisms and insurance litigation.

Topics covered include:

• Introduction to Insurance Law and the Insurance Contracts Act
• Regulation of the Insurance Industry
• Formation of the Contract of Insurance
• Insurance Agents and Brokers
• Interim Contracts of Insurance
• Duty of Utmost Good Faith, Duty of Disclosure and Misrepresentation
• The Policy
• Construction of the Contract of Insurance
• Renewal, Variation and Cancellation of Insurance
• Mistake
• Waiver and Estoppel
• The Claim
• Double Insurance and Contribution
• Subrogation
• Reinsurance

At the conclusion of this course students should be able to:

• understand the basic principles of insurance law;
• explain and apply the general principles of insurance law;
• understand the legislation that regulates insurance, especially the Insurance Contracts Act 1984 (Cth) and Chapter 7 of the Corporations Act 2001 (Cth);
• provide an overview of the interaction between legislation and the common law relating to insurance;
• understand the operation of insurance law in a practical context.

The proposed assessment of this course comprises class participation (10%) and a take home exam (90%).

The course will be taught intensively over Summer involving at least 36 contact hours.

LAWS1204 Contracts: Completed or completing five LAWS courses at 1000 level.

Readings will be contained in a brick of materials. Information about prescribed texts and other recommended reading will be available in the course outline on the course home page.