Bridgecorp insurance policies - Steigrad & ors v BFSL 2007 Ltd & ors

20 September 2011

Court Decisions , Insurance Law

Three directors of Bridgecorp sought to access $20,000,000 of directors and officers insurance cover that Bridgecorp had with QBE to pay for on going defence costs in criminal proceedings against them.  In the judgment in Steigrad & ors v BFSL 2007 Ltd & ors  15 September 2011 Lang J decided that the charge on the insurance money under s9 of the Law Reform Act 1936 as result of the civil claims  against the directors prevented the directors from accessing the insurance policy for their defence costs.