Insurance Policy Specifics
THE LIABILITY PROGRAMME
DESCRIPTION OF COVER
Section 1. Professional Indemnity
The policy indemnifies participants against any claims made against them and which are notified to the Insurer during the period of insurance for breach of professional duty in their profession by reason of any negligent act, error or omission in the conduct of any business conducted by or on behalf of the Insured. In addition, the insurer will pay the costs and expenses incurred in the defence or settlement of any such claim.
Section 2. Statutory Liabilities Defence and Penalties
The policy indemnifies participants (and where permissible at law, the employees of participants) against Defence Costs and Penalties arising out of any occurrence which is connected with the business or affairs of the participant and which results in an action taken under any Act complying with the insurers "All Insurable Acts" extension attached. Acts covered include Fair Trading Act 1986, Resource Management Act 1991, Privacy Act 1993, Bio-Securities Act, Hazardous Substances and New Organisms Act, Consumer Guarantees Act.
Section 3. Employers Liability
The policy indemnifies individual participants who are also employers, for claims made against them by employees for injuries falling outside the Accident Insurance legislation, providing indemnity for legal defence costs and penalties arising under the Health and Safety in Employment Act 1992. ACC legislation considerably limits the definition of an accident and has now allowed employees to sue employers for damages. As a result of the changes there have been many successful cases for damages against employers, hence the introduction of this product and its inclusion in this scheme.
Excess:
1% of Gross fees, minimum $1000 inclusive of costs
(Per Section)
Extensions:
Loss of Documents
Libel & Slander
1 x Automatic Reinstatement
Terms, conditions and exclusions as per Royal Sun Alliance Liability Professional Indemnity, Statutory Liability and Employers Liability policy wordings and any agreed extensions.
NOTE: CLAIMS MADE PROVISION. This policy has a claims made
Provision which means ANY circumstance or occurrence the Insured is aware or ought reasonably to be aware that may give rise to a claim under this policy must be reported to the insurer immediately it first becomes known. If uncertain all Occurrences should be reported out of an abundance of caution.
Employment Details Indemnity Limits Annual Premium excl GST
Self employed or a CRI Contractor $500,000 PI
$500,000 SL
$500,000 EL $625 Plus $150 if fully retroactive
Self Employed or a CRI Contractor $1,000,000 PI
$500,000 SL
$500,000 EL $985 Plus $240 if fully retroactive
Employees $500,000 PI
$500,000 SL
$500,000 EL $325 Plus $75 if fully retroactive
Employees $1,000,000 PI
$500,000 SL
$500,000 EL $505 Plus $120 if fully retroactive
