The Opal Tower building icon claims victory at $ 42 million in costs

The Opal Tower building icon claims victory at $ 42 million in costs

“From our point of view, this issue really revolves around what was identified in the formulation of Icon’s policy, and the perceived intent of the policy,” she said.

“Our policy has been set not to respond to Icon’s claim, but the court has ruled that it must be corrected to provide coverage. Liberty is currently considering whether to appeal this decision.”

QBE did not respond to a request for comment.

The dispute arose after the insurance companies refused to compensate Icon, in part during the related insurance period.

Liberty claimed that the coverage under its policy extends to the date of “practical completion” of projects executed during the insurance period and has not provided coverage for any subsequent liability period for defects. & Co-partner Lucinda Lyons said.

“On the other hand, QBE confirmed that the Opal Tower development does not meet the definition of a symbol“ product ”in order to pay compensation under the insurance clause.

However, in his ruling, Judge Michael Lee sided with Icon and acknowledged that Liberty’s policy extended coverage of accidents and damages during the 12-month defect liability period. Judge Lee also rejected QBE’s argument that a “product” does not need to be tangible and moveable to be included in policy.

Separately, Icon last week placed a management entity, Icon Construction Australia (NSW) Pty Ltd that completed its latest project in 2017 and is no longer operational. The company’s chief executive said it has liabilities of $ 1.2 million.

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