Coverage for insured property works — who pays when the insurer’s contractor goes bust?
Insurers and insureds do not bear the risk of a contractor becoming insolvent when undertaking insured repair work. The insurer’s only obligation is to pay its appointed contractor and not any subcontractors engaged by that party…
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Principals and contractors need to be aware that in not registering security interests under the PPSA 2009, they may risk serious consequences.
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Analysis from The Lawyer
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