Ironshore Australia has enhanced its professional liability policies for defense cost coverage in response to the recent decision of the High Court of New Zealand. Ironshore Australia insurance solutions are tailored to provide affirmative defense cost coverage on policies that are being made available within the New Zealand and Australian markets. The defense coverage will be in addition to the standard professional policy limit of liability.
The High Court of New Zealand released a judgment in the Bridgecorp case on September 15, 2011, whereby directors could be vulnerable for funding their defense costs despite having valid directors & officers insurance coverage. The High Court held that the intention of Section 9 of the Law Reform Act of 1936 is to keep the insurance fund intact for the benefit of persons with civil claims against those with insurance coverage. This decision has implications within Australia as many states have similar provisions with respect to Law Reform Acts. In addition, the decision could potentially impact all costs-inclusive policies.
In addition to professional liability business lines, Ironshore Australia provides coverages for warranty & indemnity, as well as political risk & trade credit. Global property and environmental products are available through Ironshore’s Pembroke Syndicate 4000.