This article was first published in Digital Asset.

“Immutable” is a term that is frequently used when people talk about blockchain and the benefit of using this technology for record-keeping.

In September 2017, the UK construction industry contracted for the first time in over a year. With Brexit delaying some investment plans, there is also a degree of uncertainty in the industry, and, of course, the risk that some construction companies may be forced into insolvency. This blog post considers some practical implications from an insurance angle.

Protection

On 29 April 2016, the Australian Government Treasury released a proposal paper that, among other things, proposed reforms to introduce an ipso facto moratorium (Proposal). This reform was foreshadowed in as part of the Australian Government’s National Innovation and Science Agenda.

In this two part guide we will be looking at issues that frequently arise when considering whether a professional indemnity policy responds to a claim against a construction professional.

In Part 1 we consider whether there is cover. In particular:

1. Prior claims – when will a “new” claim fall within an existing notification?
2. The obligation to notify circumstances
3. Aggregation
4. Insolvency of the Insured

Prior claims