WHOLESALE INSURANCE

FAQ

Contents

  1. What are Public Liability, Professional Indemnity and Products insurance?
  2. Why are Professional Indemnity (PI) and Public Liability (PL) in two separate policies?
  3. I think I need to claim – what should I do?
  4. How much do I have to pay for each claim?
  5. What does the Professional Indemnity (PI) policy cover?
  6. What does the Professional Indemnity (PI) policy not cover?
  7. What is the Limit of Liability under this policy?
  8. Will this policy cover all my work?
  9. Does the policy cover claims brought against me for professional services undertaken before I signed-up for the policy?
  10. How long is the policy for?
  11. Where can I find the policy documentation?
  12. What am I covered for – where is my insurance schedule?
  13. How can I show others that I am insured?

1. What are Public Liability, Professional Indemnity and Products insurance?

Public Liability (PL) cover protects you if your actions harm people or property

Professional Indemnity (PI) cover protects you if people or property are harmed due to your advice

Products cover protects you if people or property are harmed by your product

Because the lines between PI and PL can sometimes be a bit blurry, we issue covers with a slight overlap to reduce the risk of you being caught in the gap between two policies. Products cover is an ad-on to our standard business insurance offering.

2. Why are Professional Indemnity (PI) and Public Liability (PL) in two separate policies?

Having two policies to allows you to choose different levels of cover for each. But it also helps when you claim because sometimes the border between the two kinds of insurance can be a bit blurry. Having two policies allows them to overlap slightly which provides more reliable cover.

3. I think I need to claim – what should I do?

First, don’t admit liability to the person who wants to act against you.

Call us on 1300 799 950 and we’ll guide you through the process, which will go something like this:

  • We will try to work out whether it is a ‘commercial error’ which you would remedy with a simple refund, or a claim where harm, loss or damage has occurred, and legal action is likely
  • We will ask you what you know about the problem, what you have done and what you intend to do about it
  • There will probably be some paperwork to fill out
  • We will liaise with the underwriters and claims handlers and guide you from there

4. How much do I have to pay for each claim?

Each time you claim you will usually have to pay our standard excess of $2500. Any further expense incurred in the investigation, defence or settlement of the claim is usually paid by the insurer as they assess the claim.

The claim will be investigated by the insurer before they accept or reject the claim.

Any money you pay to your client prior to being served a legal notice from them – including making good or issuing a refund – is a commercial decision and will not be regarded as payment, or part-payment, of your excess or contribution towards the claim. That is why you should contact us before you admit any liability to your client.

5. What does the Professional Indemnity (PI) policy cover?

The PI policy covers you for all the inherent risks associated with delivering your professional services as you described them to us when you applied online for your insurance, and that were accepted by the insurer.

You may not be covered for new types of business that you undertake without asking us to include them within your cover. So, for the sake of argument, if you are insured as an ISO 9001 auditor and you obtain certification to also audit ISO 14001, you need to tell us so that we can adjust your policy to cover both standards.

You can find out more by reading the Professional Indemnity Policy wording.

You can login to your account to view your Certificate of Currency.

6. What does the Professional Indemnity (PI) policy not cover?

In short, the PI policy does not cover anything you do to intentionally cause loss or damage.

You can find out more by reading the Professional Indemnity Policy wording.

You can login to your account to view your Certificate of Currency.

7. What is the Limit of Liability under this policy?

You can choose between Professional Indemnity cover for $1 million, $2 million, $5 million or $10 million worth of aggregated claims per year. Reinstatements are available and unlimited in the aggregate.

You can choose from Public Liability cover to the value of $10 million or $20 million per claim.

Your policies are yours alone – they are not shared limit policies – and the limits are guaranteed for the period of cover.

If you need cover for a different amount, we can usually accommodate it, so give us a call on 1300 799 950.

8. Will this policy cover all my work?

This policy will cover you for assessments, inspections, tests, audits and evaluations that you are certified, accredited or registered to conduct by an industry or professional board, association or authoritative body. It also covers you for training and consulting within the scope of that certification, accreditation or registration.

You can login to your account to see your insurance certificate. If you’re still not sure, please contact us.

9. Does the policy cover claims brought against me for professional services undertaken before I signed-up for the policy?

Yes. The policy is written on a ‘claims made’ basis and would respond to historical events provided that they were not known to you at the time that you applied for cover.

You must notify us of the claim during the currency of your cover for the insurer to accept the claim – so you should maintain your cover even if you stop doing the work that it covers. We suggest you keep it for about six years.

10. How long is the policy for?

All our covers run for a minimum period of 12 months and there are no premium refunds if you cancel early.

If you stop doing the business that we are covering, we recommend that you maintain your cover for six years, so it can respond to any claims that emerge during that time.

11. Where can I find the policy documentation?

You can find links to the policy documentation on our Insurance page.

12. What am I covered for – where is my insurance schedule?

You can login to your account to view and download a copy of your insurance schedule.

13. How can I show others that I am insured?

There are three documents that you can use to show a customer that you are insured, or include in a tender or proposal:

  • Certificate of currency (COC) which reflects the cover you hold in an abbreviated form
  • Insurance schedule which states the exact nature of cover that the insurer or broker has arranged, using the insurer’s preferred wording
  • Insurance policy documentation which provides comprehensive description of your insurance.