Kyriakou v Ace (2012) VSC214

Kyriackou V ACE [2012] VSC 214
ASIC brought proceedings against insured regarding his alleged
involvement in unregistered Managed Investment Scheme. ASIC
effectively sought winding-up orders iro the schemes and appointment
of new liquidators to the companies as well as orders against the insured requiring information to be provided. ASIC proceedings ultimately discontinued.

Issue Were the insured’s considerable defence costs a loss for which
the policy provided coverage?
HELD (1)Cover under the policy for defence costs was only in respect
of a claim for “civil damages”; and
(2) in any event an exclusion applied in respect of any activity
not undertaken in a professional capacity and no breach of any duty
owed in a professional capacity was identified here.

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