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1. Insurance Policies

Listed as follows are some details of various insurance classes and a brief description of what the policy is designed to cover. The list and description are not exhaustive and a general guide only. More detail should be obtained from the actual policy documents issued.

a) Asset Risk Protection

Class Brief Description
Accidental Damage Loss or damage to property due to an accidental cause.
Aviation Hull Loss or damage to aircraft and related equipment.
Boiler or Pressure Vessel Explosion Damage to registered boilers or pressure vessels by explosion, overheating, collapse, etc.
Burglary Loss of property following forcible and violent entry to premises.
Contract Works Loss or damage to the project/works during construction.
Corporate Travel Medical costs, baggage and other Benefits whilst traveling on business.
Crop Fire or hail damage to growing crops.
Electronic Equipment Material damage and loss of data following breakdown or malfunction.
Employees Property in Transit or on Premises Loss or damage to employees personal effects.
Extended Warranty Extensions to warranty periods for products.
Fire and Perils Damage to property caused by a range of nominated risks.
Flood Loss or damage to property caused by “flood”, as defined.
Glass Damage to fixed glass.
Householders Loss or damage to residential premises and their contents including holiday homes.
Industrial Special Risks Fire and Perils and Accidental Damage to fixed assets and subsequent Business Interruption.
Jewellers Block Loss or damage to stock of jewellery, precious metals and gems.
Livestock and Bloodstock Loss following death or loss of use of valuable animals.
Machinery Breakdown Mechanical or electrical breakdown of plant and equipment and subsequent business interruption.
Marine Builders Risk Loss of or damage to vessels during construction, testing, commissioning and delivery.
Marine Cargo Damage to goods whilst in transit Overseas or within Australia including containers.
Marine Containers Loss or damage to sea or land containers including refrigerated containers.
Motor Vehicles, trailers, caravans, motor cycles or mobile equipment Loss or damage to registered or unregistered motor vehicles and the like.
Personal Valuables/Art/Jewellery Loss or damage to jewellery, works of art and other valuables.
Political Risks Expropriation of overseas assets by Governments or local authorities.
Rewriting of Data Costs to rewrite, replace or reconstruct records and data.
Refrigerated Stock Loss of refrigerated stock due to refrigeration equipment breakdown.
Theft of property in premises Loss of property within premises without forcible and violent entry.
Theft in open air Loss of property in the open air without forcible and violent entry.
Tools & equipment Loss or damage to tools or equipment in vehicles, or site or in storage including laptops.
Weather Loss due to inadequate or exorbitant rain or temperatures.
Terrorism Loss or damage to fixed property due to declared terrorism.
Rural/Farm Property Country farms and properties.

 

b) Income & Other Financial Risk Exposures

Class Brief Description
Accounts Receivable Loss due to irrecoverable debts following insured loss of debtors records.
Advanced Consequential Loss Loss of future earnings and/or increased expenses following delayed completion of a project caused by insured damage.
Audit & Investigation Expenses due to unexpected audits required by any statutory body, including Australian Tax Office.
Bonds/Performance guarantees An alternative to bank guarantees.
Business Interruption (Consequential Loss) Loss of income and/or increased expenses due to insured damage to fixed assets.
Business Interruption (Consequential Loss) – dependency on key customers or suppliers Loss of income and/or increased costs due to insured damage to key customers or suppliers premises.
Business Interruption (Consequential Loss) – dependency on public utilities Loss of income and/or increased costs due to insured damage to public utilities premises.
Cancellation and Abandonment Loss of income and/or additional expenses incurred due to occurrences such as adverse weather conditions or non appearance of performers including death or illness.
Commercial Legal Expenses Reimbursement of legal costs in either defending or pursing legal action in areas of contract, employment, criminal, property, patent and copyright, motor and trade practices (both civil and statutory).
Computer Breakdown Damage, loss of income and/or increased expenses following mechanical and electronic breakdown of computer equipment, media and data.
Computer Crime/fraud/virus Insured loss following tampering with computer systems, fraud or virus.
Contractual Fines & Penalties Fines or penalties due to failure to meet contractual commitments due to an insured loss to assets.
Credit Insurance Loss following insolvency of a debtor either single debtors or a group of specific debtors or a blanket cover over all debtors.
Crisis Containment Public Relations consultant costs to assist following a major crisis.
Export Credit Default by overseas customers or default due to political interference.
Export Sellers Contingency Loss or damage not insured/recoverable from overseas purchasers.
Fidelity Guarantee Loss of goods or money due to theft or dishonesty by employees.
Intellectual Property Legal expenses incurred to defend patent, trademark, copyright etc.
Kidnap, Ransom and Extortion Monies paid following kidnap of staff or family or threats of damage to assets.
Machinery Breakdown Business Interruption Loss of income and/or additional expenses following breakdown of key plant and equipment.
Marine Business Interruption Loss of income and/or additional expenses following marine transit material damage claims.
Mortgage Protection Mortgage payments in the event of disability.
Money Loss or damage to cash, cheques negotiable instruments in transit or on premises.
Product Tamper Loss of profit, recall and other expenses following product tampering.
Strike Additional expenses incurred following labour disturbances.
Takeover Defence Expenses to successfully defend a takeover of a public company.


c) Liability Risks & Exposures

Class Brief Description
Airport/Landing Strip Operators Liability for bodily injury and/or property damage arising from the operation of a licensed airport or landing strip.
Association Liability Liability for members of management committees or incorporated organisations against negligent acts, errors or omissions.
Aviation Liability Liability for bodily injury and/or property damage arising from the operation of an aircraft.
Broadform Public & Products Liability Liability for bodily injury and/or property damage arising from business activities and products.
Completed Operations Liability Liability arising from completed buildings/projects/constructions.
Contractual Liability Liability assumed under contract or agreement.
Defamation Liability for damages following libel and slander.
Directors and Officers Liability Liability for damages following a wrongful act committed by the directors or officers of a company.
Employers Liability Accident Make-up Pay Liability for the “Gap” between Workers’ Compensation Act benefits and average actual weekly pay.
Employment Practices Liability Liability for employment related issues such as wrongful dismissal, sexual harassment, and discrimination.
Extra Territorial Workers’ Compensation Workers Compensation benefits for employees working interstate or overseas and at common law.
Environmental Impairment Liability Liability for bodily injury and/or property damage following gradual pollution.
Internet Liability Liability for infringement, defamation, viruses, misuse etc.
Financial Loss (inc loss of use and efficacy) Liability for financial loss only not accompanied by bodily injury or property damage.
Forged Transfers Damages and expenses following negligence in share registry.
Marine Liability

Liability for bodily injury and/or property damage arising from: ·

  • Operation of vessels
  • Carriers liability
  • Ship-repair activities
  • Charterers Liability
  • Stevedore liability
Motor – CTP Liability for bodily injury arising from registered vehicles.
Motor – TPPD Liability for property damage arising from registered motor vehicles.
Product Recall Expenses Expenses incurred in the recall of defective products.
Property in Care, Custody or Control Liability for loss or damage to property of others in your care, custody or control.
Product Guarantee Liability for the cost of repairing or replacing faulty products.
Professional Indemnity or Errors and Omissions Liability for negligent services or advice provided by professionals.
Trustees Liability Liability for damages following mismanagement of superannuation funds by trustees.
Unregistered Vehicle Liability Liability for unregistered vehicles working/traveling on public streets or areas.
Umbrella Liability Liability in excess of standard or Primary Liability policies including Motor Third Party Liability.
Workers’ Compensation Cover for employers’ liability for injury to employees, Act benefits and at Common Law.
Worker’ Compensation – Journey Cover Employers liability for injury to employees in transit to or from work only.

 

d) People Exposures and Protection

Class Brief Description
Group Life Cover Provides a group of people with cover for death or disability at much lower rates than can be provided individually.
Consumer Credit Personal Accident and unemployment insurance to protect finance loans.
Journey Cover Injury to employees solely and directly occurring whilst in direct travel to and from work. (Important cover in States where there is no cover under Workers’ Compensation egg: WA).
Key Man Financial loss following death or disablement of key personnel.
Loss of Licence Lost income when an income producing licence cannot be maintained as a consequence of disability.
Major Trauma Cover Provides lump sum of money following diagnosis of specified major personal health conditions.
Partnership and Shareholder Protection This provides a package designed to protect the surviving shareholders in the event of the death or disability of a principal.
Personal Accident & Illness Death or disability following an accident or illness (cancelable contract).
Income Protection This can provide cover in the event a person is unable to follow their chosen occupation. (a non-cancellable contract).
Salary Continuance This provides cover for continuation of employees’ salaries after sick leave has been exhausted.
Travel and Expatriate Cover Medical and repatriation expenses following injury or illness while traveling or working overseas.

 

 
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