Littlewood v Resource Underwriting Pty Ltd & Anor [2006] NSWCA 62

Littlewood v Resource Underwriting Pty Ltd & Anor [2006] NSWCA 62

The claimant had a Related Interest because he had invested $100,000 in the WBG development and was to receive $50,000 and interest on successful completion. Those matters gave him an entitlement or other financial interest in the development scheme within the natural meaning of the Policy, so Exclusion (h) applied and the opponents were not required to indemnify him.

Jurisdiction
Australia
Judgment Date
24 March 2006
Procedural Posture
Application for Leave to Appeal and Extension of Time in Professional Indemnity Insurance Proceedings / New South Wales Court of Appeal; Leave to Appeal Granted and Appeal Dismissed
Outcome
Leave to appeal granted. Appeal dismissed with costs.
Legal Topics
['professional Indemnity Insurance' 'investment Advice' 'policy Exclusion' 'related Interest' 'conflict of Interest' 'leave to Appeal']
['insurance Law' 'professional Negligence' 'civil Procedure'] ['professional Indemnity Insurance' 'investment Advice' 'policy Exclusion' 'related Interest' 'conflict of Interest' 'leave to Appeal']

Case Brief

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Procedural Posture

Application for Leave to Appeal and Extension of Time in Professional Indemnity Insurance Proceedings / New South Wales Court of Appeal; Leave to Appeal Granted and Appeal Dismissed

Legal Issues

  1. 1 ['Whether the claimant was entitled to indemnity under a professional indemnity insurance policy for liability arising from negligent investment advice.' 'Whether Exclusion (h) applied because the advice concerned investment in a fund, scheme, arrangement or entity in which the claimant had a Related Interest.' "Whether the claimant's investment, expected fee and interest constituted an entitlement or other financial interest in the WBG development scheme." 'Whether there should be an extension of time and leave to appeal.']

Ratio Decidendi

The claimant had a Related Interest because he had invested $100,000 in the WBG development and was to receive $50,000 and interest on successful completion. Those matters gave him an entitlement or other financial interest in the development scheme within the natural meaning of the Policy, so Exclusion (h) applied and the opponents were not required to indemnify him.

Court Disposition

Leave to appeal granted. Appeal dismissed with costs.

Orders

  • ['Extension of time to file the summons filed on 25 August 2005 granted.' 'Leave to appeal granted.' 'Appeal dismissed with costs.' 'The notice of appeal filed purportedly as of right should stand as the notice of appeal.' 'The necessity to pay any further filing fee should be dispensed with.']