Commercial Insurance

What is composite insurance?


Wiki User

A contract of insurance providing cover to different insured persons in respect of their different interests in the subject matter of the contract; for example, a contract of insurance covering both the owner of a motor vehicle and the credit provider for their respective interests: Re an arbitration between Lombard Australia Ltd v NRMA Insurance Ltd [1968] 3 NSWR 346 ; (1968) 72 SR (NSW) 45 ;Australian Guarantee Corp Ltd v Western Underwriters Insurance Ltd [1988] 2 Qd R 119 .

In some cases, a contract may be composite even though some of the interests are joint rather than separate: for example Holmes v GRE Insurance Ltd (1988) 5 ANZ Ins Cas ¶60-894

Source: Australian Legal Dictionary