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The Court of Appeal released its decision today in the Steigrad litigation, ruling that third party claimants do not have a charge under the Law Reform Act 1936 that gives them priority over insurance money ahead of a director's claim to defence costs under a D&O policy with a single indemnity
In a recent High Court decision concerning a claim by the receivers of Bridgecorp against the Bridgecorp directors, the court ruled section 9 of the Law Reform Act 1936 gave Bridgecorp a charge over all insurance money payable under a directors and officers (D&O) liability insurance policy, and that the charge had priority over any claim by the Bridgecorp directors to defence costs under the policy
