Insurance Law

Description

This course aims to provide students with an understanding of the key principles of insurance law and insurance market practices both in NZ and internationally.  It will examine various topics, including: the purpose of insurance; the nature and contents of an insurance contract; the debate about the so-called duty of utmost good faith in insurance; the insured’s duty of disclosure; the effect of pre-contractual misstatements; and the law relating to insurance intermediaries generally.   It will also examine key aspects of the insurer’s rights and obligations when a claim is made by the insured, including: determining whether a loss is covered under the terms of the insurance contract; principles governing notification of claims; whether the claim falls within an exclusion clause(s) in the policy; the question of causation and the effect of a deliberate (non-accidental) loss; the insurer’s handling of a claim under a third-party liability policy; fraudulent claims; and rights of subrogation.  Reference will be made to issues arising out of the Christchurch earthquakes, including the nature and operation of the EQC scheme, where relevant.  If time allows students will be given a general introduction to the legal regulation of the insurance industry in New Zealand.