Post on 08-Jun-2020
Professional Indemnity Policy Design and ConstructionPolicy Document.
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• promotesbettercommunicationbetweeninsurersandcustomerswhichwillleadtobetterpublicunderstandingofinsurancetoallowcustomerstomakeinformedchoices,and
• outlinesgoodstandardsofpracticeandservicetobemetbyinsurerstoenhancetheirreputationforrespondingefficientlytotheircustomers’needs.
(a) Disputeresolutionprocess
Wewilldoeverythingpossibletoprovideaqualityservicetoyou.However,werecognisethatoccasionallytheremaybesomeaspectofourserviceoradecisionwehavemadethatyouwishtoqueryordrawtoourattention.
WehaveaComplaintsandDisputeResolutionProcedurewhichundertakestoprovideananswertoyourcomplaintwithinfifteen(15)workingdays.
Ifyouwouldliketomakeacomplaintoraccessourinternaldisputeresolutionservicepleasecontactournearestofficeandasktospeaktoadisputeresolutionspecialist.
(b) Contactforassistanceorconfirmationofcover
Ifyouneedtoconfirmanypolicytransactionorclarifyanyoftheinformationcontainedinthispolicydocumentorifyouhaveanyotherqueries,pleasecontactanyofourofficesorrefertoourwebsiteatwww.allianz.com.au.
(c) Ifthisinsurancehasbeenissuedthroughaninsuranceintermediary
Ifyourpolicyhasbeenarrangedthroughouragent,orabrokerwhoisactingunderanagencyarrangementsuchasabinderwithus,thentheyareactingasouragentandnotasyouragent.Theywilltellyouwhenthisisthecase.
Ifyourpolicyhasbeenarrangedbyabroker,otherthanabrokeractingundersuchanagencyarrangementwithus,thenthebrokerisactingasyouragent.
Wherethispolicyhasbeenarrangedthroughanintermediaryacommissionmaybepayablebyustothemforarrangingtheinsurance.
PrivacyThisdocumentsetsouthowweuse,collectanddisclosepersonalinformationaboutyou.Itsupplementsanyinformationaboutprivacyintheinsurancedocumentationwehaveprovidedorwillprovidetoyou.FurtherinformationisinourPrivacyPolicyavailableatwww.allianz.com.au
AtAllianz,ourpriorityistoprotecttheprivacyofyourpersonalinformation.WedothisbyhandlingpersonalinformationinaresponsiblemannerandinaccordancewiththePrivacyAct1988(Cth).
GeneralInformationTheGeneralInformationsetoutbelowisprovidedforyourinformationonly.Itdoesnotformpartoftheinsurancecontractwithyou,andisnotpartofthepolicy.NothingcontainedintheGeneralInformationimposescontractualobligationsonyou,orcreatescontractualrights.Thesearecontainedinthepolicyandanyendorsement.
ClaimsMadeThispolicyoperatesona‘claimsmade’basis.Thismeansthatthepolicycoversyouforclaimsmadeagainstyouduringtheperiodofinsurance.
Thepolicydoesnotprovidecoverinrelationto:
• acts,errorsoromissionsactuallyorallegedlycommittedpriortotheretroactivedateofthepolicy(ifsuchadateisspecified);
• claimsmadeaftertheexpiryoftheperiodofcovereventhoughtheeventgivingrisetotheclaimmayhaveoccurredduringtheperiodofcover;
• claimsnotifiedorarisingoutoffactsorcircumstancesnotified(orwhichoughtreasonablytohavebeennotified)underanypreviouspolicy;
• claimsmade,threatenedorintimatedagainstyoupriortothecommencementoftheperiodofcover;
• factsorcircumstancesofwhichyoufirstbecameawarepriortotheperiodofcover,andwhichyoukneworoughtreasonablytohaveknownhadthepotentialtogiverisetoaclaimunderthispolicy;
• claimsarisingoutofcircumstancesnotedontheproposalformforthecurrentperiodofcoveroronanypreviousproposalform.
Whereyougivenoticeinwritingtousofanyfactsthatmightgiverisetoaclaimagainstyouassoonasreasonablypracticableafteryoubecomeawareofthosefactsbutbeforetheexpiryoftheperiodofcover,youmayhaverightsunderSection40(3)oftheInsuranceContractsAct1984tobeindemnifiedinrespectofanyclaimsubsequentlymadeagainstyouarisingfromthosefactsnotwithstandingthattheclaimismadeaftertheexpiryoftheperiodofcover.Anysuchrightsariseunderthelegislationonly.Thetermsofthepolicyandtheeffectofthepolicyisthatyouarenotcoveredforclaimsmadeagainstyouaftertheexpiryoftheperiodofcover.
GeneralInsuranceCodeofPracticeWeareasignatorytotheGeneralInsuranceCodeofPractice.TheCodeaimstoraisestandardsofpracticeandserviceintheinsuranceindustry.It:
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ThecountriestowhichthisinformationmaybedisclosedwillvaryfromtimetotimebutmayincludeCanada,Germany,NewZealandandothercountriesinwhichtheAllianzGrouphasapresenceorengagessubcontractors.
Weregularlyreviewthesecurityofoursystemsthatareusedforsendingpersonalinformationoverseas.Anyinformationwedisclosetooverseasrecipientsmayonlybeusedforthepurposesofcollectiondetailedaboveandsystemadministration.
AccesstoYourPersonalInformationandComplaints
Youmayaskforaccesstothepersonalinformationweholdaboutyouandseekcorrectionbycalling1300360529EST8am6pm,MondaytoFriday.
OurPrivacyPolicycontainsdetailsabouthowyoumaymakeacomplaintaboutabreachoftheprivacyprinciplescontainedinthePrivacyAct1988(Cth)andhowwedealwithcomplaints.OurPrivacyPolicyisavailableatwww.allianz.com.au.
TelephoneCallRecording
Wemayrecordincomingand/oroutgoingtelephonecallsfortrainingorverificationpurposes.Ifyourequireaccesstoarecordedcall,acopyorappropriateaccesswillbeprovidedbyuswhereavailable.Itshouldbenotedthatnotallcallsarerecordedandthereforenotallcallswillbeaccessibleuponrequest.
YourDutyofDisclosureBeforeyouenterintoacontractofinsurancewithus,youhaveadutyundertheInsuranceContractsAct1984todisclosetouseverymatterthatyouknow,orcouldreasonablybeexpectedtoknow,isrelevanttoourdecisionwhethertoaccepttheriskoftheinsuranceand,ifso,onwhatterms.
Youhavethesamedutytodisclosethosematterstousbeforeyourenew,extend,varyorreinstatethecontract.
Thisdutyofdisclosureappliesuntilthecontractisenteredinto(orrenewed,extended,variedorreinstatedasapplicable).Wemayprovidefurtherinformationonyourdutypriortoanyrenewal,extension,variationorreinstatement.
Yourdutyhoweverdoesnotrequiredisclosureofanymatter:
• thatdiminishestherisktobeundertakenbyus;or
• thatisofcommonknowledge;or
• thatweknowor,intheordinarycourseofourbusinessasaninsurer,oughttoknow;or
• astowhichcompliancewithyourdutyiswaivedbyus.
HowWeCollectYourPersonalInformation
Weusuallycollectyourpersonalinformationfromyouoryouragents.Wemayalsocollectitfromouragentsandserviceproviders;otherinsurersandinsurancereferencebureaus;peoplewhoareinvolvedinaclaimorassistusininvestigatingorprocessingclaims,includingthirdpartiesclaimingunderyourpolicy,witnessesandmedicalpractitioners;thirdpartieswhomaybearranginginsurancecoverforagroupthatyouareapartof;lawenforcement,disputeresolutionbodiesandstatutoryandregulatorybodies;marketinglistsandindustrydatabases;andpubliclyavailablesources.
WhyWeCollectYourPersonalInformation
Wecollectyourpersonalinformationtoenableustoprovideourproductsandservices,includingtoprocessandsettleclaims;offerourproductsandservicesandtheproductsandservicesofourrelatedcompanies,brokers,intermediariesandbusinesspartnersthatmayinterestyou;andconductmarketorcustomerresearchandtodeterminethoseproductsorserviceswhichmayparticularlysuityou.Youcanchoosenottoreceiveproductorserviceofferingsfromusorourrelatedcompanies,brokers,intermediariesand/orourbusinesspartnersbycallingtheAllianzDirectMarketingPrivacyServiceLineon1300360529EST8amto6pmMondaytoFridayorgoingonlinetoourwebsite’sPrivacysectionatwww.allianz.com.au
WhoDoWeDiscloseYourPersonalInformationTo?
Wediscloseyourpersonalinformationtopeoplewhoassistusinofferingandprovidingourproductsandservices,conductingmarketorcustomerresearch(includingtodeterminethoseproductsorserviceswhichmayparticularlysuityou),orinactivitiesrelatedtocarryingonourinsurancebusiness,includinginsurers,insuranceintermediaries,reinsurers,insurancereferencebureaus,partieswithwhomwehavearelationshiporinsuranceschemeinplacewiththemunderwhichyoupurchasedyourpolicy(suchasafinancierormotorvehiclemanufacturerand/ordealer)andothers;toourintermediariesorbusinesspartnerstoenablethemtooffertheirproductsandservicestoyou;asrequiredbylaworgovernment,lawenforcementbodiesordisputeresolutionbodies.
DisclosureOverseas
YourpersonalinformationmaybedisclosedtoothercompaniesintheAllianzGroup,businesspartners,reinsurersandserviceprovidersthatmaybelocatedinAustraliaoroverseas.
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Non-disclosure
Ifyoufailtocomplywithyourdutyofdisclosure,wemaybeentitledtoreduceourliabilityunderthecontractinrespectofaclaim,cancelthecontractorboth.
Ifyournon-disclosureisfraudulent,wemayalsohavetheoptionofavoidingthecontractfromitsbeginning.
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TableofcontentsProfessionalIndemnityPolicyPart1–WhatWeInsureYouFor
1. InsuringClause
2. DefenceCosts
3. LimitofIndemnity
4. Deductible
5. ExtentofIndemnity
6. MultipleClaims
Part2–AutomaticExtensions
7. Consultants,Sub-contractorsandAgents
8. ContinuousCover
9. InsurancePreparationCosts
10. CourtAttendance
11. DomesticPartners
12. ExtendedNotificationPeriod
13. EstatesandLegalRepresentatives
14. FormerSubsidiary,FormerPrincipalsetc
15. FraudandDishonesty
16. InquiryCosts
17. JointVentures
18. LossofDocuments
19. MitigationCosts
20. NewlyAcquiredorCreatedSubsidiaries
21. PublicRelationsExpenses
22. Run-OffCoverUntilExpiryofPeriodofCover
23. Imputation
24. PrincipalsIndemnity
Part3–OptionalExtensions
25. BreachofPrivacy:ResponseCostsandFinesandPenalties
26. FidelityInsurance
27. Subsidiaries–Pre-AcquisitionLiability
28. JointVentures
29. PreviousBusiness
30.Run-offafterMerger,TakeoverorSale
31.IncomingContinuousCover
32.ContractualLiability
33.LimitationofLiability
34.NovatedContracts
35.CollateralWarranties
36.ProportionateLiabilityWaiver
37.WorkplaceStatutoryLiabilityInsurance
Part4–Exclusions
38. Asbestos
39. AssociatedPersonsorEntities
40. ContractualLiability/GuaranteeorWarranty
41. FinesandPenalties
42. FraudandDishonesty
43. ObligationtoEmployees
44. RadioactivityandNuclearRisk
45. PriorClaims/Circumstances
46. RetroactiveDate
47. TradingDebts
48. USAJurisdiction
49. WarandTerrorism
50.CostsEstimates
51.Insolvency
52.InsuranceandFinancialAdvice
53.Manufacturing,ConstructionandPropertyDevelopment
54.PersonalInjuryandPropertyDamage
55.UseofProperty
Part5–ClaimsConditions
56. Notification
57. Co-operation
58. Mitigation
59. OurConsent
60. DefenceandSettlement
61. Disputes
62. ElectiontoContest
63. Allocation
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Part6–OtherConditions
64. Assignment
65. Cancellation
66. ChangeofControl
67. Currency
68. GST
69. Plurals,HeadingsandTitles,Interpretation
70. ScopeandGoverningLaw
71. Subrogation
72. AlterationtoRisk
Part7–Definitions
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ProfessionalIndemnityPolicyWe,AllianzAustraliaInsuranceLimited,ABN15000122850,AFSLicenceNo.234708willprovideinsuranceinaccordancewiththetermsofthepolicy.
Thepolicywording,endorsementsandthescheduleshallbereadtogetherasonecontract(the“policy”).
Whenreadingthispolicy,pleasenotethatsomewordsandphraseshavedefinedmeanings.ThelistofdefinedwordsandphrasesisincludedinPart7ofthepolicy.Thedefinedwordsandphrasesarehighlightedinblue.
Headingsaredescriptiveonlyandnotdefinedterms.
Part1–WhatWeInsureYouFor1. InsuringClause
1.1 General
Weagreetoindemnifyyouagainstallcivilliabilityfordamagesandawardsofclaimants’costsarisingfromanyclaimthat:
(a) arisesfromtheprovisionbyyouorfailurebyyoutoprovideprofessionalservices;and
(b) isfirstmadeagainstyouduringtheperiodofcover.
1.2 Thecivilliabilityreferredtoinsubclause1.1includes,butisnotrestrictedtocivilliabilityarisingoutof:
(a) anyactualorallegedmisleadingordeceptiveconductatlaworundertheCompetitionandConsumerAct2010(Cth),TradePracticesAct1974(Cth),AustralianSecuritiesandInvestmentsCommissionAct2001(Cth),CorporationsAct2001(Cth)oranyequivalentprovisionsintheStateFairTradingActs,ortheirrespectivesuccessorlegislation;
(b) defamation,slanderorlibel;
(c) anybreachofintellectualorindustrialpropertyortradesecretwhetherregisteredorunregistered,includingbutnotlimitedtotrademarks,designs,patentsandcopyright;
(d) breachofprivacyordutyofconfidentiality.
2. DefenceCosts
2.1 General
Weagreetopayanydefencecosts:
(a) thatweincur;or
(b) thatyouincurwithourwrittenconsent.
2.2 Advancementofdefencecosts
Wewilladvancedefencecostscoveredbythispolicypromptlyafterdetailedinvoicesforthosecostsarereceivedbyus.However,anydefencecoststhatareactuallypaidshallberepayabletousbyyouintheeventandtotheextentthatitisdeterminedunderthepolicythatyouwerenotentitledtoapaymentofdefencecosts.
Exclusion42‘FraudandDishonesty’willnotapplyuntiltheconductisestablishedbyfinaladjudicationofajudicialorarbitraltribunalorbyawrittenadmissionbyyou.
3. LimitofIndemnity
3.1 General
Weareonlyliabletoindemnifyyouforanamountoramountsnogreaterthanthelimitofindemnityforanyoneclaimasstatedintheschedule.
3.2 Defencecostsarepayableinadditiontothelimitofindemnity.However,themaximumamountpayablebyusunderthispolicyinrespectofdefencecostsistheequivalentofthelimitofindemnity.
3.3 Intheeventthattheamountpaidbyyouoronyourbehalftodisposeofaclaimexceedsthepolicy’slimitofindemnityforanyoneclaim,thenthispolicyshallonlycoverthesameproportionofdefencecostsasthispolicy’slimitofindemnityforanyoneclaimbearstothetotalamountpaidtodisposeoftheclaim(exclusiveofdefencecosts).
Ifwehavepaidoradvanceddefencecostsinexcessofthisproportion,youmustreimburseusforsuchdefencecosts.
3.4 Whereweconsiderthatthelimitofindemnityislikelytobeexhaustedbythepaymentofamountspayableunderthispolicywemay,inourabsolutediscretion,electtopayyoutheamountwhichexhauststhelimitofindemnity.Ifweelecttodothis,weshallhavenofurtherobligationtopayanyfurtherdefencecosts.
3.5 Whereaclaimismadeagainstmorethanoneinsuredpersonorentityunderthispolicy,thisshallnotoperatetoincreasethetotalamountpayablebyusunderthispolicy.
3.6 Unlessotherwisestatedinthepolicy:
(i) allamountspayablebyusunderthispolicyshallbeinclusiveofthelimitofindemnityanyoneclaimandnotinadditiontothelimitofindemnityanyoneclaim;
(ii) allamountspaidbyusunderthispolicyshallerodethelimitofindemnityintheaggregate.
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(iii) allsublimitsofindemnity,whereprovidedinthepolicy,areinclusiveofthelimitofindemnityanyoneclaimandnotinadditiontothelimitofindemnityanyoneclaim;
(iv) ifthescheduleprovidesforalimitofindemnitythatishigherintheaggregatethanforanyoneclaim,thenreferencesinthispolicytothelimitofindemnityshallonlybeinrespectofthelimitofindemnityforanyoneclaim.
4. Deductible
Unlessotherwisestatedinthepolicy:
(a) wewillbeliableonlyforamountspayableunderthepolicywhichexceedthedeductible;
(b) thedeductibleisnotpartofthelimitofindemnity;
(c) thedeductibleistobebornebytheinsuredandistoremainuninsured;
(d) thedeductibleappliestoallamountspayableunderthepolicy,exceptwherethedeductibleisexpressedinthescheduleas‘exclusiveofcosts’;
(e) ifthedeductibleisexpressedinthescheduleas‘exclusiveofcosts’then:
(i) youmustbearalldefencecostsuptothelimitofthedeductibleiftheclaimmadeagainstyouisforanamountthatislessthanthedeductible;
(ii) otherwisethedeductibleshallnotapplytodefencecostspayableunderthepolicy;
(f) anycostsandexpensesthatweincurtodeterminewhetherweareliabletoindemnifyyouunderthispolicyarenotsubjecttothedeductible;
(g) asingledeductibleshallapplytoeachclaimoreachcoverprovidedbyanExtension.
5. ExtentofIndemnity
5.1 Extensions
Ourliabilitytoindemnifyyouisextendedby:
(a) theautomaticextensionssetoutinPart2ofthispolicyunlessspecificallyexcludedintheschedule;and
(b)anyoptionalextensionssetoutinPart3ofthispolicythatarespecificallyincludedintheschedule;and
(c) anyextensionsincorporatedbyendorsementtothispolicy.
5.2 ExclusionsandConditions
However,unlessexpresslyprovidedotherwise,ourliabilitytoindemnifyyouunderthispolicyandanyendorsementissubjectto:
(a) thelimitofindemnityanddeductiblesetoutinclauses3and4ofthispolicy;and
(b) theexclusionsfromliabilitysetoutinPart4ofthispolicy;and
(c) theclaimsconditionssetoutinPart5ofthispolicy;and
(d) theotherconditionssetoutinPart6ofthispolicy;and
(e) anyexclusions,conditionsorotherprovisionsincorporatedbyendorsementtothispolicy.
6. MultipleClaims
(a) Allcausallyconnectedorinterrelatedacts,errorsoromissionsshalljointlyconstituteasingleact,errororomissionunderthispolicy.
(b)Whereasingleact,errororomissiongivesrisetomorethanoneclaim,allsuchclaimsshalljointlyconstituteoneclaimunderthispolicy.
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Thecoverprovidedunderthisextensionoperatesinadditiontothelimitofindemnityanyoneclaimanddoesnoterodetheaggregatelimitofindemnity.
10. CourtAttendance
Wewillpaytheinsured$500perpersonforeachdaythatanofficeroremployeeislegallycompelledtoanddoesattendcourttogiveevidenceinconnectionwithaclaim.ThedeductibledoesnotapplytothisExtension.
11. DomesticPartners
Thedefinitionofyouisextendedtoincludeanyspouseorcivilpartnerofanofficeroremployeeinrespectofaclaimarisingfromtheconductofsuchofficeroremployeeonlyandinwhichthespouseorpartnerhadnoinvolvementandisduesolelytothespouseorcivilpartner’sstatusassuch.
12. ExtendedNotificationPeriod
12.1 Ifthispolicyisneitherrenewednorreplacedwithprofessionalindemnityinsuranceatexpiryoftheperiodofcover,thenyouhaveuntiltheearlierof:
(a) suchtimethatyoueffectanotherprofessionalindemnityinsurancepolicy;or
(b) aperiodofsixty(60)dayscommencingonthedayimmediatelyfollowingexpiryoftheperiodofcover;
duringwhichtonotifyusinwritingofanyclaimfirstmadeagainstyou.
12.2 Theextensionofcoverunderclause12.1issubjecttoeachofthefollowingconditionsbeingsatisfied:
(a) wewilltreattheclaimasifithadbeenmadeagainstyouandnotifiedtousduringtheperiodofcover;
(b) coverageaffordedhereunderdoesnotreinstateorincreasethelimitofindemnityorextendtheperiodofcover;and
(c) coverageaffordedhereunderwillonlyapplytoacts,errorsoromissionscommittedorallegedtohavebeencommittedbyyou:
(i) beforetheendoftheperiodofcover;and
(ii) aftertheretroactivedatespecifiedintheschedule.
13. EstatesandLegalRepresentatives
Thedefinitionofyouisextendedtoincludeyourlegalrepresentatives,heirs,assignsorestatesintheeventofyourdeath,incapacity,insolvencyorbankruptcybutonlytotheextentthatwewouldotherwisehavebeenliabletoindemnifyyou.
Part2–AutomaticExtensions7. Consultants,Sub-ContractorsandAgents
Weagreetoindemnifyyouagainstcivilliabilityfordamagesandawardsofclaimants’costsinrespectofanyclaimfirstmadeagainstyouduringtheperiodofcover,arisingfromtheprovisionoforfailuretoprovideprofessionalservicesbyanyconsultant,sub-contractororagentforwhichyouarelegallyliable.
Wewillalsoindemnifyanysuchconsultant,subcontractororagent,providedthattherelevantact,errororomissiongivingrisetotheclaimoccurred:
(a) inthecourseoftheconductbytheconsultant,sub-contractororagentofyourprofessionalserviceswhilstactingforyouoronyourbehalf;and
(b) atthetimewhentheconsultant,sub-contractororagentwasunderyourdirectcontrolandsupervision.
8. ContinuousCover
Weagreetoindemnifyyouagainstcivilliabilityarisingfromanyclaimthatarisesoutoffactswhichfirstbecameknowntoyoupriortotheperiodofcoverwhere:
(a) wewereyourprofessionalindemnityinsureratthetimethefactsfirstbecameknowntoyou(the“previouspolicyperiod”)andhavecontinuedtobeyourprofessionalindemnityinsurerfromthenuntiltheactualdateofnotificationofclaim;and
(b) butforyourfailuretonotifyusofthefactsduringthe“previouspolicyperiod”,youwouldhavebeenentitledtoindemnityunderapreviouspolicyissuedbyus;and
(c) butfortheExclusion45‘PriorClaims/Circumstances’youwouldbeentitledtoindemnityunderthispolicy;and
(d) youhavenotcommittedorattemptedtocommitfraudulentnon-disclosureorfraudulentmisrepresentation.
Weareonlyliabletoindemnifyyoutotheextentthatweareobligedtoindemnifyyouunderthetermsandconditionsofthepolicyineffectduringthepreviouspolicyperiod,butinnocircumstancesshallthecovergrantedbythisExtensionbegreaterthanthetermsandconditionsofthepolicyineffectduringthisperiodofcover(includingthelimitofindemnityanddeductible).
9. InsurancePreparationCosts
Wewillpayupto$25,000intheaggregateduringtheperiodofcoverforreasonableprofessionalfeesandsuchotherexternalexpensesincurredbyyouinconnectionwiththepreparationofanyinsuranceinformationorsimilarmaterialatourrequestconcerningamatteryouhavenotifiedtousunderthispolicybutonlywherethatmatterisindemnifiedbyusunderthispolicy.
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14. FormerSubsidiary,FormerPrincipals,etc
14.1 Thedefinitionofsubsidiaryisextendedtoincludeanyformersubsidiary,butonlyinrespectoftheformersubsidiary’sconductwhileitwasstillyoursubsidiary.
14.2 Thedefinitionofyouisextendedtoincludeanyformerprincipal,officeroremployee,butonlyinrespectoftheirconductwhiletheywerestillyourprincipal,officeroremployee.
15. FraudandDishonesty
Weagreetoindemnifyyouagainstcivilliabilityarisingfromanyclaimthatisfirstmadeagainstyouduringtheperiodofcover,inrespectofanydishonest,fraudulent,maliciousorrecklessactoromissioncommittedorallegedtohavebeencommittedbyanyotherpersonorentitycoveredbythispolicyintheconductofyourprofessionalservices.
WewillnotprovideindemnityunderthisExtension:
(a) toanyinsuredpersonorentitycommittingorcondoningtheact,omissionorbreachthatwouldotherwisehaveresultedinExclusion42‘FraudandDishonesty’applying;
(b) foranylossofcurrency.
16. InquiryCosts
Weagreetoindemnifyyouforinquirycostsuptoanamountnotexceeding$500,000intheaggregatefortheperiodofcover,whichshallbepartofandnotinadditiontothelimitofindemnity.
17. JointVentures
Weagreetoindemnifyyouagainstcivilliabilityfordamagesandawardsofclaimants’costsarisingfromanyclaimfirstmadeagainstyouduringtheperiodofcover,inrespectoftheprovisionoforfailuretoprovideprofessionalservicesbyanyjointventureofwhichyouareapart,providedhoweverthat:
(a) thisExtensionshallindemnifyyouforyourindividualcivilliabilityinrespectofsuchjointventure,butnotforyourjointcivilliability;and
(b) weshallnotbeliabletopayacontributiontoanyinsurerofanyotherparticipantinsuchjointventure.
18. LossofDocuments18.1 General
Weagreetoindemnifyyouagainstcostsandexpensesthatyouincurinreplacingorrestoringlostdocumentsforwhichyouarelegallyresponsiblewhereyoufirstdiscoverthelossduringtheperiodofcover.However,weareonlyliabletoindemnifyyouagainstthosecostsandexpensesforwhichyouprovideuswithbillsoraccountsthatareapprovedundersubclause18.3.
18.2 Yourobligationtonotifyus
Youmustnotifyusofthelossofdocumentsassoonaspracticableafteryoudiscoverthelossandinanyeventwithin30days.
18.3 Approvalofbillsoraccounts
Onceyouprovideuswithbillsoraccounts,wemayeither:
(a) indemnifyyou;or
(b)nominateacompetentpersontoreviewthebillsoraccounts.
Ifwenominateacompetentperson,youmustnotifyuswhetherornotyouapproveofournominee.
18.4 Deductible
Notwithstandingclause4,youdonothavetobearthedeductibleinrespectofcostsandexpensescoveredbythisclause.
18.5 Meaningof‘lostdocuments’
Forpurposesofthisclause,‘lostdocuments’meansdocumentsthathavebeendestroyed,damagedormislaidandcannotbefoundafterdiligentsearch.
19. MitigationCosts19.1 Weagreetoindemnifyyouagainstmitigationcosts.
19.2 Weareonlyliabletoindemnifyyouunderclause19.1if:
(a) youwerefirstawareduringtheperiodofcoverofthefacts,circumstances,actsoromissionswhichhavegivenrisetothemitigationcosts(andwhichwouldhavegivenrisetoaclaimbutforthemitigationcosts);and
(b) wearenotifiedwithin15daysofyourdecisiontoincurmitigationcosts;and
(c) youestablishtoourreasonablesatisfactionthatthereisaprobabilitythat:
(i) aclaimwouldhavebeenmadeagainstyouandthatyouwouldhavebeenliableforthatclaimintheabsenceofyourcarryingoutthemitigationorrectificationthesubjectofthemitigationcosts;and
(ii) theamountofyourliabilityfortheclaimwouldhavebeengreaterthanthemitigationcosts.
19.3 Coverformitigationcostsshallnotexceed10%ofthelimitofindemnityanyoneclaim.
20. NewlyAcquiredorCreatedSubsidiariesWeagreetoindemnifyanysubsidiarythatyouacquireorcreateduringtheperiodofcoveragainstcivilliabilityfordamagesandawardsofclaimants’costsarisingfromanyclaimfirstmadeagainstthesubsidiaryuptotheearlierof:
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(c) failurebyaninsuredpersonorentitytocomplywithanytermsorconditionsofthispolicy,
doesnotprejudicetherightofanyotherinsuredpersonorentitytoindemnityunderthispolicy.However,thisclauseonlyappliesif:
(i) theotherinsuredpersonorentityisinnocentof,andhasnoknowledgeof,suchconduct;and
(ii) assoonaspracticableafterbecomingawareoftheconduct,theynotifyusofallfactsrelatingtosuchconduct.
24. PrincipalsIndemnity
Weagreetoindemnifyanyprincipalwhereyouareobligatedbyvirtueofawrittencontractfortheprovisionofprofessionalservicestothatprincipaltoprovideinsuranceasisaffordedbythispolicy,foranyclaimfirstmadeduringtheperiodofcoveragainsttheprincipalforitscivilliabilityarisingvicariouslyfromyourperformanceofprofessionalservicesfortheprincipal.
TheindemnityprovidedbythisExtensionissubjecttothefollowing:
(a) indemnityisprovidedonlytotheextentrequiredbysuchcontractandsubjecttothetermsandconditionsofthispolicy;and
(b) iftheclaimhadbeenfirstmadeagainstyou,youwouldhavebeenentitledtoindemnityunderthispolicy;and
(c) weshallmaintaintheconductandcontrolofanyclaimforwhichtheprincipalseeksindemnityunderthispolicy;and
(d) theindemnitydoesnotapplytotheprincipal’sownacts,errorsoromissions.
ForthepurposesofthisExtension,‘principal’meanstheownerorproprietorofaconstructionproject,providedthat:
(i) theprincipalhasnoinvolvementinthedesign,construction,managementorsupervisionoftheproject;and
(ii) youhaveenteredintoawrittenagreementtoprovideprofessionalservicestotheprincipal.
(i) sixty(60)daysaftersuchacquisitionorcreation;or
(ii) theexpiryoftheperiodofcover;
inrespectoftheprovisionoforfailuretoprovideprofessionalservices.
ThisExtensionwillonlyapplyinrespectofclaimsagainstthesubsidiaryarisingfromanact,errororomissionoccurringsubsequenttothedateofyouracquisitionorcreationofthesubsidiary.
ForthepurposesofthisExtension,thedefinitionofsubsidiaryisextendedtomeananyentitythatforthefirsttimeduringtheperiodofcover,theinsuredeitherdirectlyorindirectly:
(a) controlsthecompositionoftheboardofdirectors;
(b) controlsmorethanhalfofthevotingpower;or
(c) holdsmorethanhalfoftheissuedsharecapital.
ShouldtheinsuredrequirethepolicytobeextendedtoincludecoverforsubsidiarieswhichisnotautomaticallyprovidedbythisExtension,thentheinsuredshallprovideuswithanyadditionalinformationrequestedbyustopermitustoevaluatetheacceptabilityoftheadditionalexposure.Weshallhavetheright,butnottheobligation,tooffercoverfortheacquiredorcreatedsubsidiaryonsuchadditionalterms,conditions,exclusionsandadditionalpremiumaswemayrequire.
21. PublicRelationsExpenses
Wewillpaytoyouoronyourbehalfallpublicrelationsexpenses.
CoverunderthisExtensionshallnotexceed$50,000intheaggregatefortheperiodofcover.
22. Run-OffCoverUntilExpiryofPeriodofCover
Weagreethatintheeventthatyouceasetoexistoroperateorbecomeconsolidatedwith,mergedintooracquiredbyanyotherentityeitherbeforeorduringtheperiodofcover,thenthecoverageprovidedunderthispolicywithrespecttosuchpersonorentityshallcontinueuntiltheexpirydateoftheperiodofcover.
ThisExtensiononlyappliesinrespectofclaimsarisingfromanyact,errororomissionoccurringpriortotheeffectivedatethatyouceasedtoexistoroperateorwereconsolidatedwith,mergedintooracquiredbyanotherentity.
23. Imputation
Wheremorethanonepersonorentityisinsuredunderthispolicy:
(a) failurebyaninsuredpersonorentitytocomplywiththedutyofdisclosureundertheInsuranceContractsAct1984(C’wealth);or
(b) misrepresentationbyaninsuredpersonorentitytousbeforethepolicycommences;or
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Part3–OptionalExtensions25. BreachofPrivacy:ResponseCostsandFinesandPenalties
25.1 Wewillpaythereasonableandnecessaryresponsecostsincurredbyyou,withourpriorconsent,tonotifyanyclient,thirdpartyorregulatorinaccordancewithyourlegalorregulatorydutiesasaresultofanyactual,allegedorsuspectedbreachofprivacyfirstdiscoveredbyyouandnotifiedtousduringtheperiodofcoverinrelationtopersonaldatacollectedduringtheprovisionofprofessionalservices,regardlessofwhetheraclaimhasbeenmadeagainstyou.
25.2 Forthepurposesofsubclause25.1,suchresponsecostsshallnotinclude:
(a) publicrelationsexpenses;
(b)wages,overtime,salariesorfeestoofficersoremployees;
(c) costtocomplywithanyinjunctiverelief.
25.3 NotwithstandingExclusion41‘FinesandPenalties’,wewillalsopayfinesandpenaltiespayablebyyouarisingfromsuchactual,allegedorsuspectedbreachofprivacyunderthePrivacy Act 1988 (Cth)amendmentstheretoorsimilarlegislation.
25.4 Forthepurposesofsubclause25.3,wewillnotbeliabletoindemnifyyouforanysuchfineorpenalty:
(a) forwhichwearelegallyprohibitedfromindemnifyingyouunderanylaw;
(b)basedupon,attributabletoorinconsequenceofanyrecklessnessoranywilful,intentionalordeliberatefailuretocomplywithanylawfulnoticeordirection,enforcementactionorproceedingunderanylegislation.
25.5 CoverunderthisExtensionshallnotexceed$100,000intheaggregatefortheperiodofcover.
26. FidelityInsurance
Wewillindemnifytheinsuredfordirectfinanciallossdiscoveredandnotifiedtousduringtheperiodofcoverresultingfromanydishonest,fraudulentormaliciousactofanyemployeeorofficer,whethercommittedaloneorincollusionwithothers.
OurliabilitytoindemnifyyouunderthisExtensionissubjecttothefollowing:
(a) wearenotliabletoindemnifyyouunderthisExtensionifyoupersonallycommittedorcondonedanyact,omissionorbreachexcludedbyExclusion42‘FraudandDishonesty’;
(b) youmustbearanycostsorexpensesthatyouincurinestablishingorsubstantiatingtheexistenceoramountofthedirectfinancialloss;
(c) youmustbearanydirectfinanciallossthatyouincurasaconsequenceofanyactoromissionoccurringafterthedatethatyoudiscover,orhavereasonablesuspicionof,thedishonest,fraudulent,maliciousorrecklessactoromission;
(d) allinterrelatedindividualdishonest,fraudulentormaliciousactsshallbedeemedtoconstituteasinglelossunderthisExtension.
CoverunderthisExtensionshallnotexceedtheFidelityGuaranteelimitofindemnityspecifiedinthescheduleintheaggregateduringtheperiodofcover.TheFidelityGuaranteedeductiblespecifiedinthescheduleshallapplytoeachdirectfinanciallosscoveredunderthisExtension.
27. Subsidiaries–Pre-AcquisitionLiability
Weagreetoindemnifyasubsidiaryagainstallcivilliabilityfordamagesandawardsofclaimantscostsarisingfromanyclaimthatisfirstmadeagainstthesubsidiaryduringtheperiodofcoverandisnotifiedtousduringtheperiodofcoverinrespectofanyact,errororomissioncommittedorallegedtohavebeencommittedbythesubsidiarybeforethedatethatyouacquiredthesubsidiarybutaftertheretroactivedatespecifiedinthescheduleinrespectofitsconductofthesameprofessionasyourprofessionalservices.
28. JointVentures
AutomaticExtension17‘JointVentures’shallbeextendedtoprovideindemnityforyourjointandindividualcivilliabilityfordamagesandawardsofclaimants’costsinrespectofanyclaimmadeagainstyouduringtheperiodofcover,butonlyinrespectofjointventure(s)namedintheschedule.
29. PreviousBusiness
Weagreetoextendindemnityforanyclaimmadeduringtheperiodofcoveragainstsuchpersonwhoisorbecomesaprincipal,orofficerofyoursinrespectofcivilliabilityfordamagesandawardsofclaimants’costsincurredorallegedtohavebeenincurredonthepartofsuchpersonintheconductofthesameprofessionasyourprofessionalbusinessbeforethatpersonjoinedyou.
30. Run-OffafterMerger,TakeoverorSale
Intheeventoftheinsuredbeingsubjecttoamerger,takeoverorsaleduringtheperiodofcover,thenonapplicationbytheinsurednolaterthan30daysafterthemerger,takeoverorsaleiscompletedorbecomeseffective,wemayextendcovertoapplyinrespectofclaimsfirstmadeagainstyou,orinquiriesfirstcommencedandinvolvingyou,foraperiodofupto84calendarmonthsfromtheexpirydateoftheperiodofcoverbutonlyforclaimsthatarisefromacts,errors,omissionsorotherconductoccurringpriortothedateofsuchmerger,takeoverorsale.
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33. LimitationofLiability
NotwithstandingClause71,‘Subrogation’,werecognisethatyoumayenterintowrittencontractswithotherpartiesrelatingtotheperformanceofyourprofessionalservicesthatmayexcludeorlimittheliabilityofsuchpartiesandweagreethatsuchcontractswillnotprejudiceyourrighttoindemnityunderthispolicy.
ThecoverprovidedunderthisExtensiondoesnotapplytocontracts(whetherornottheyarewrittencontracts)enteredintoasaresultofadisputethatinvolvesyouinanyway.
34. NovatedContracts
WeagreethatExclusion40‘ContractualLiability/GuaranteeorWarranty’doesnotapplytoadutyorobligationassumedbyyouunderanovatedcontractwhere:
(a) youpurchaseoracquireanotherbusinessorcontract;
(b) youassumeresponsibilityforprofessionalservicespreviouslyundertakenbyanotherparty;or
(c) yourcontracttoprovideprofessionalservicesisnovatedtoanotherparty.
WearenotliabletoindemnifyyouunderthisExtensioninrespectof:
(i) liabilitiesinthenovatedcontractthatwerenototherwisecoveredbythepolicypriortosuchcontractbeingnovated;or
(ii) anyadditionalliabilitiesyouincurbyvirtueofthenovationofanovatedcontracttoyou.
ForthepurposesofthisExtension,anovatedcontractisanycontractnotedassuchbywayofendorsementtothispolicy.
35. CollateralWarranties
NotwithstandingExclusion40‘ContractualLiability/GuaranteeorWarranty’,weagreetoindemnifyyouagainstcivilliabilityfordamagesandawardsofclaimants’costsinrespectofanyclaimfirstmadeagainstyouduringtheperiodofcoverinrespectofanycollateralwarrantiesorsimilaragreementsprovidedtousbyyou,andwherewehavespecificallyagreedinwritingtoindemnifyyouinrespectofsuchcollateralwarrantyorsimilaragreement.
Weareonlyliabletoindemnifyyoutotheextentthatthebenefitsofsuchwarrantiesoragreementsarenotgreaterorlongerlastingthanthosegiventothepartywithwhomyouoriginallycontractedtoprovideprofessionalservices,andonlytotheextentthatsuchliabilitywouldhaveattachedtoyouintheabsenceofsuchcontractualduty,termoragreement.
ForthepurposeofthisExtension,wearenotliabletoindemnifyyouinrespectofanyclaimdirectlyorindirectlybasedupon,attributableto,orinconsequenceofany:
ThisExtensionisonlyavailableiftheinsuredacceptstheadditionalterms,conditions,exclusionsorpremiumaswemayrequire.
Ifcoverissoextended,AutomaticExtension20‘NewlyAcquiredorCreatedSubsidiaries’,andAutomaticExtension12‘ExtendedNotificationPeriod’aredeletedfromthispolicyfromtheeffectivedateofsuchmerger,takeoverorsale.
31. IncomingContinuousCover
Weagreetoindemnifyyouagainstcivilliabilityfordamagesandawardsofclaimants’costsinrespectofanyclaimfirstmadeagainstyouduringtheperiodofcover,thatarisesoutoffactswhichfirstbecameknowntoyoupriortotheperiodofcoverwhere:
(a) youheldprofessionalindemnityinsuranceatthetimethefactsfirstbecameknowntoyou(the“previouspolicyperiod”);and
(b) butforyourfailuretonotifyyourpreviousprofessionalindemnityinsurerofthefactsduringthe“previouspolicyperiod”,youwouldhavebeenentitledtoindemnityunderapreviouspolicy;and
(c) butfortheExclusion45‘PriorClaims/Circumstances’youwouldbeentitledtoindemnityunderthispolicy;and
(d) youhavenotcommittedorattemptedtocommitfraudulentnon-disclosureorfraudulentmisrepresentation.
Weareonlyliabletoindemnifyyoutotheextentthatweareobligedtoindemnifyyouunderthetermsandconditionsofthispolicy,butinnocircumstancesshallthecovergrantedbythisExtensionbegreaterthanthetermsandconditionsofthepolicyineffectduringthe“previouspolicyperiod”(includingthelimitofindemnityanddeductible).
Wemayreduceourliabilitytoyoubytheamountthatfairlyrepresentstheextenttowhichwehavebeenprejudicedasaresultofthelatenotification.ForthepurposesofthisExtension,prejudicewillincludelostopportunitiestoresolvetheclaimanddifficultiesorincreasedcostsincurredindefendingaclaimduetothedelayinnotification.
32. ContractualLiability
NotwithstandingExclusion40‘ContractualLiability/GuaranteeorWarranty’weagreetoindemnifyyouagainstcivilliabilityfordamagesandawardsofclaimants’costsinrespectofanyclaimfirstmadeagainstyouduringtheperiodofcoverunderanindemnityand/orholdharmlesstermofacontracttotheextentsuchcivilliabilityarisesoutofyourperformanceofprofessionalservices.
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(a) liabilityarisingfromtheprovisionbyyouofanexpresstermguaranteeingorwarrantingthefitnessforpurposeorsimilar;
(b) liabilityarisingunderanyexpressguaranteethattheworkswillsatisfyanyparticularperformancespecificationoranyexpressguaranteerelatingtotheperiodoftheproject;
(c) anyexpresscontractualpenaltyofafinancialnatureorliquidateddamages.
36. ProportionateLiabilityWaiver
WeagreethatExclusion40,‘ContractualLiability/GuaranteeorWarranty’doesnotapplytoliabilityassumedbyyouunderacontractbyreasonofhavingcontractedoutoftheoperationoftheProportionateLiabilityLegislation.
ForthepurposesofthisExtension,‘ProportionateLiabilityLegislation’meansCivilLiabilityAct2002(NSW)Pt4,WrongsAct1958(Vic)PtIVAA,CivilLiabilityAct2002(WA)Pt1F,CivilLiabilityAct2003(Qld)Pt2,CivilLaw(Wrongs)Act2002(ACT)Ch7A,ProportionateLiabilityAct2005(NT),CivilLiabilityAct2002(Tas)Part9A,LawReform(ContributoryNegligenceandApportionmentofLiability)Act2001(SA)Pt3,TradePracticesAct(Cth)s87C,DevelopmentAct1993(SA)s72,BuildingAct2004(ACT)s141andBuildingAct2000(Tas)s252,andanysimilarlegislationasamendedfromtimetotime.
37. WorkplaceStatutoryLiabilityInsurance
NotwithstandingtheExclusion41‘FinesandPenalties’andtheExclusion43‘ObligationtoEmployees’,wewillpayonyourbehalfalldefencecostsandanyfinesandpenaltiesincurredinconnectionwithanyclaimfirstmadeagainstyouduringtheperiodofcoverforanyact,error,omissionorotherconductthatgivesrisetoanotifiableincidentunderworkhealthandsafetylegislationinAustralia,providedthattheconductgivingrisetotheclaimwasnotintentional,wilful,recklessordeliberate.
Wewillnotbeliabletoindemnifyyouforanyfineorpenaltyforwhichwearelegallyprohibitedfromindemnifyingyouunderanylaw.
CoverunderthisExtensionshallnotexceed$250,000intheaggregatefortheperiodofcover.
Part4–ExclusionsWeshallhavenoliabilityunderthispolicy,includinginrespectofanyclaimorcostorexpenseorindemnityorpaymentorloss,arisingoutof,basedupon,attributabletoorinconsequenceof:
38. Asbestos
asbestosoranymaterialscontainingasbestos.
39. Associatedpersonsorentitiesanyclaimmadebyoronbehalfof:
(a) anyinsuredpersonorentity;or
(b) anyparent,successororassignofanyinsuredpersonorentity,or
(c) anyentityinwhichaninsuredpersonorentityorthemanagementoftheinsuredorsubsidiaryhasanexecutiveorcontrollinginterest,or
(d) anyofficeroremployeeunlesssuchclaimismadebyoronbehalfofanofficeroremployeeasacustomerorclientofyours.
40. ContractualLiability/GuaranteeorWarranty
(a) anyliabilityassumedunderanycontractoragreement;or
(b) anyexpressorimpliedguaranteeorwarranty;
excepttotheextentsuchliabilitywouldhaveattachedtoyouintheabsenceofsuchcontractoragreement.
41. FinesandPenalties
punitive,aggravated,multipleorexemplarydamages,orfinesorpenaltiesimposedbylaw.
Thisexclusionshallnotapplytocompensatorycivilpenalties,providedthat:
(a) ourtotalliabilityforthepaymentofcompensatorycivilpenaltiesduringanyoneperiodofcovershallnotexceed$250,000intheaggregate,whichamountshallformpartofandisnotinadditiontothelimitofindemnity;
(b) wewillnotbeliabletoindemnifyyouforanycompensatorycivilpenaltyforwhichwearelegallyprohibitedfromindemnifyingyouunderanylaw;
(c) wewillnotbeliabletoindemnifyyouforanycompensatorycivilpenaltybasedupon,attributabletoorinconsequenceofany:
(i) wilful,intentionalordeliberatefailuretocomplywithanylawfulnoticeordirection,enforcementactionorproceedingunderanylegislation;
(ii) recklessness;
(iii) requirementtopaytaxes,rates,duties,levies,charges,feesoranyotherrevenueorimpost.
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(b) theenforcementofjudgments,ordersorawardsobtainedwithinordeterminedpursuanttothelawoftheUnitedStatesofAmericaoranyofitsterritoriesorprotectorates.
49. WarandTerrorism
war(declaredorotherwise),terrorism,warlike,military,terroristorguerrillaactivity,sabotage,forceofarms,hostilities(declaredorundeclared),rebellion,revolution,civildisorder,insurrection,usurpedpower,confiscation,nationalisationordestructionofordamagetopropertybyorundertheorderof,anygovernmental,publicorlocalauthorityoranyotherpoliticalorterroristorganisation.
50. CostsEstimates
anyestimateofconstructioncostorcostestimatebeingexceededexceptwheresuchestimatesarecompiledbyaregisteredquantitysurveyororotherappropriatelyqualifiedprofessional.
51. Insolvency
theinsolvency,liquidation,administrationorreceivershipofyouoranypartyinvolvedinanyprojectorcontract.
52. InsuranceandFinancialAdvice
(a) anyfailuretoeffectormaintaininsurance,suretyorbond;or
(b) adviceoninsurance;or
(c) adviceoninvestment,marketing,financialortaxmatters;or
(d) theprovisionoffinance.
53. Manufacturing,ConstructionandPropertyDevelopment
(a) defectsorallegeddefectsinanyproductmanufactured,supplied,installed,assembled,erectedormaintainedbyyouexcepttotheextentthatsuchdefectsareattributabletoyourfaultydesignorspecification;or
(b) anyconstruction,assembly,installation,erectionormaintenanceotherthanwhereaclaimisattributabletoyourfaultydesignorspecification;or
(c) supervisionofanyconstruction,assembly,installation,erectionormaintenanceunlesssuchsupervisionisprovidedasaspecificallycontractedconstructionmanagerorprojectmanager(butnotincludingsupervisionaswouldbeundertakeninacapacitynormallyprovidedbyabuildingorengineeringcontractoractinginsuchcapacityalone);or
(d) youractivitiesasapropertydeveloper.
42. FraudandDishonesty
(a) thegainingoforintentionalattempttogainprofit,remunerationoradvantagetowhichyouwerenotlegallyentitled;or
(b) dishonest,fraudulent,malicious,wilfulorcriminalactoromissionbyyouoryourconsultants,sub-contractorsoragents;
intheeventthatanyoftheaboveisestablishedbyfinaladjudicationofajudicialorarbitraltribunalorbyyourwrittenadmission.
43. ObligationtoEmployees
bodilyinjury,mentalinjury,sickness,diseaseordeathofanyemployeeordamagetoordestructionofanypropertyofanemployee,includinglossofuse,arisingoutoforinthecourseoftheiremployment.
44. RadioactivityandNuclearRisk
ionisingradiationorthecontaminationbyradioactivityfromanynuclearfuelorfromanynuclearwastefromthecombustionofanynuclearfuel.
45. PriorClaims/Circumstances
(a) disclosuretousinthesubmission,ofanyclaim,inquiry,investigation,conduct,factormatterregardlessofhowitisexpressed;or
(b) factsorconductwhichhaveorhasbeennotifiedunderanyearlierpolicy;or
(c) factsorconductwhichyouknew,oroughtreasonablytohaveknown,priortothecommencementofthispolicymightgiverisetoaclaimorinquiry;or
(d) anyproceeding,inquiryorsimilarprocessonfootatthecommencementofthispolicy,oranyproceeding,inquiryorsimilarprocessderivedfromessentiallythesamefactsasinsuchproceeding,inquiryorprocess.
46. RetroactiveDate
anycivilliability,act,errororomissionorotherconductwhichfirstoccursbeforetheretroactivedatespecifiedintheschedule.
47. TradingDebts
anytradingdebtthatyouincuroranyguaranteethatyougiveforadebt.
48. USAJurisdiction
(a) anyclaimmadeinordeterminedpursuanttothelawoftheUnitedStatesofAmericaoranyofitsterritoriesorprotectorates,oranyinquiryconductedintheUnitedStatesofAmericaoranyofitsterritoriesorprotectorates;or
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54. PersonalInjuryandPropertyDamage
(a) bodilyinjury,sickness,disease,mentalinjury,mentalanguish,nervousshock,emotionaldistressordeathofanyperson;or
(b) physicallossof,damageto,ordestructionofanytangiblepropertyincludinganylossofuseoftangibleproperty;
unlessdirectlyarisingoutofyourprovisionoforfailuretoprovideprofessionalservices.
55. UseofProperty
theownership,use,occupationorleasingofanypropertybyyou,tooronyourbehalf.
Part5–ClaimsConditions56. Notification
Youmustnotifyusofanyclaimmadeagainstyouduringtheperiodofcoverassoonaspracticableaftertheclaimismade.Youmustgivenoticeofanyclaim,lossorothermatterinwriting,andsenditto:
TheClaimsManager,ProfessionalRisksDivisionAllianzAustraliaInsuranceLimited2MarketStreet,Sydney,NSW,2000.
57. Co-operation
Youmustatyourowncost:
(i) renderallreasonableassistancetousandco-operateinthedefenceofanyclaimorinquiryandtheassertionofindemnificationandcontributionrights;
(ii) givesuchinformationandassistancetousaswemayreasonablyrequiretoenableittoinvestigateanyclaimorinquiryordetermineourliabilityunderthispolicy.
58. Mitigation
Youmustuseallduediligenceanddoandconcurindoingallthingsreasonablypracticabletoavoidordiminishanycivilliability,defencecostsoranyothercostsorlossinrespectofwhichweareliabletoindemnifyyouunderthispolicy.
59. OurConsent
Youshallnotadmitorassumeanyliability,enterintoanysettlementagreementorconsenttoanyjudgmentinrelationtoanyclaimorinquirywithoutourpriorwrittenconsent.
60. DefenceandSettlement
Wedonotassumeanydutytodefend,andyoushalldefendandcontestanyclaimmadeagainstyouunlessweelectinwritingtotakeoverandconductthedefenceandsettlementofanyclaim.Ifwedonotsoelect,weshallbeentitled,butnotrequired,toparticipatefullyinsuchdefenceandthenegotiationofanysettlement.
IfthereisanydisputebetweenusandyouaboutwhethertoagreetoaproposedsettlementoraboutwhetheraclaimshouldcontinuetobedefendedthedisputeshallbedealtwithinaccordancewithCondition61‘Disputes’.
61. Disputes61.1 General
NeitherwenoryoumayrequiretheothertocontestanyclaimunlessSeniorCounseladvisesthattheclaimshouldbecontested.
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Part6–OtherConditions64. Assignment
Thispolicyandanyrightsunderorinrespectofitcannotbeassignedbyyouwithoutourpriorwrittenconsent.
65. Cancellation
(i) Youmaycancelthispolicybygivingnoticeinwritingtous.Ifsuchnoticeisgiven,thecancellationwilltakeeffectonthedaythenoticeisreceivedbyus.
(ii) WemaycancelthispolicyinanyofthecircumstancessetoutintheInsuranceContractsAct1984.Suchcancellationistotakeeffect30daysfromthetimenotificationisreceivedbyyou.
(iii) Uponcancellationbyyouorus,youwillreceivean80%proratarefundofpremiumfortheunexpiredportionoftheperiodofcoversubjecttonoclaimsorcircumstancesorinquirieshavingbeenmadeduringtheperiodofcover.
(iv) Whenthepremiumissubjecttoadjustment,cancellationwillnotaffectyourobligationtosupplytoussuchinformationasisnecessarytopermitthepremiumadjustmenttobecalculatedandtopaytheamountoftheadjustmentapplicableuptothedateofcancellation.
66. ChangeofControl
Weshallnotbeliabletomakeanypaymentortoprovideanyservicesinconnectionwithanyclaimorinquiryarisingoutof,baseduponorattributabletoanycivilliability,act,errororomissionorotherconductcommittedaftertheoccurrenceofamerger,takeover,orsale,excepttotheextentthatthereiscoverunderOptionalExtension30‘Run-offafterMerger,TakeoverorSale’,andsuchcoverhasbeenincludedunderthispolicy.
67. Currency
AllmonetaryamountsunderthispolicyareexpressedandpayableinAustraliancurrency.Ifjudgementisrendered,settlementisdenominatedorotheramountpayableunderthispolicyisstatedinacurrencyotherthanAustraliandollars,paymentunderthispolicyshallbemadeinAustraliandollarsatthecashrateofexchangeforthepurchaseofAustraliandollarsdeterminedbythefreemarketrateofexchangeaspublishedinthecurrencyconversionwebsitewww.oanda.com,orifnolongercurrent,acurrencyconversionwebsiteselectedbyusonthedatethefinaljudgementisreachedortheamountofthesettlementisagreedupon.
Informulatinghisorheradvice,SeniorCounselmusttakeintoconsiderationthedamagesandcostswhicharelikelytoberecoveredbytheplaintiff,thelikelydefencecostsandyourprospectsofsuccessfullydefendingtheclaim.
61.2 AppointmentofSeniorCounsel
Ifaclaimismadeagainstyou,wemaynominateaSeniorCounsel.IfwenominateaSeniorCounsel,youmustnotifyuswhetherornotyouapproveofournomineeassoonaspracticable.IfwecannotagreewithyouuponSeniorCounselwithinareasonabletime,SeniorCounselwillbesuchpersonasthePresidentoftheNewSouthWalesBarAssociationappoints.
61.3 CostsofSeniorCounsel’sOpinion
ThecostofSeniorCounsel’sopinionisincludedinthedefencecosts.
61.4 Meaningof‘SeniorCounsel’
Forpurposesofthisclause,‘SeniorCounsel’meansapractisingbarristerwhoisentitledtopracticeasaQueensCounselorSeniorCounselinAustraliaorNewZealand.
62. ElectiontoContestIfwerecommendsettlementofanyclaimandyoudonotagreetosuchsettlement,youmayelecttocontesttheclaim.However,ourliabilityinconnectionwiththeclaimisthenlimitedtotheamountwerecommendinsettlementplusdefencecostsincurredwithourconsentuptothedatewerecommendsettlementtoyou.
63. Allocation63.1 General
Intheeventthereareanumberofcauseswhichcontributetoaclaimmadeagainstyou,weagreetoindemnifyyouinrespectofyourliabilityforthatpartoftheclaim,includingdefencecosts,whichiscoveredunderthepolicyirrespectiveofwhetheroneormoreoftheothercausesisexcludedunderthepolicy.
63.2 BestEfforts
Bothpartieswillusetheirbesteffortstoagreeuponwhatisattributabletoindemnifiedandexcludedcauses.IntheeventthatanagreementcannotbereachedanExpertshalldetermine,asanExpertbutnotanarbitrator,thecausesofthelossandthepercentageattributabletoeachcause.UntilsuchExperthasmadehisorherdetermination,wemay,atourabsolutediscretion,paysuchamountinsuredunderthisConditionasweconsiderappropriate.
63.3 Meaningof‘Expert’
‘Expert’shallmeananappropriatelyqualifiedindustryexpertnominatedbyus.
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Anyrecoveryreceivedshallfirstbeappliedagainstthecostsoftherecoveryproceeding,thenanypaymentmadebyusandthentoanybalanceremainingthereafterbeingremittedtoyouuptotheamountofanyuninsuredloss.
YoushallnotdoanythingwhichshallprejudiceourrightsunderthisCondition.
WeagreenottoexerciseanysuchrightsofrecoveryagainstanyofficeroremployeeunlessitisestablishedthatExclusion42‘FraudandDishonesty’appliestotheclaimandtheofficeroremployee.
Inoursolediscretion,wemay,inwriting,waiveanyofitsrightssetforthinthisCondition.
72. AlterationtoRisk
72.1 Youmustnotifyusassoonaspracticableofanymaterialalterationtoriskduringtheperiodofcoverincluding:
(a) ifyousubmittovoluntarybankruptcy,receivershiporliquidation;or
(b) ifyoufailtopaydebts;or
(c) ifyoubreachanyotherobligationgivingrisetotheappointmentofareceiver,bankruptcy,orwindingupproceedings;or
(d) anymaterialchangeinthenatureoftheprofessionalservices.
72.2 Wheresuchnoticeisgivenand/orwherethereisanymaterialalterationtotherisk,wereservetherighttocancelthispolicyinaccordancewiththeInsuranceContractsAct1984(Cth).
72.3 Notwithstanding72.2,intheeventthatyoushouldbecomebankruptorinsolvent,weshallnotberelievedtherebyofthepaymentofanyclaimhereundersolelyduetosuchbankruptcyorinsolvency.
68. GST
Theamountthatweareliabletopayunderthispolicywillbereducedbytheamountofanyinputtaxcreditthatyouareormaybeentitledtoclaimforthesupplyofgoodsorservicescoveredbythatpayment.
Ifyouareentitledtoaninputtaxcreditforthepremium,youmustinformusoftheextentofthatentitlementatorbeforethetimeyoumakeaclaimunderthispolicy.WewillnotindemnifyyouforanyGSTliability,finesorpenaltiesthatarisefromorisattributabletoyourfailuretonotifyusofyourentitlement(orcorrectentitlement)toaninputtaxcreditonthepremium.
Ifyouareliabletopayadeductibleunderthispolicy,theamountpayablewillbecalculatedafterdeductionofanyinputtaxcreditthatyouareormaybeentitledtoclaimonpaymentofthedeductible.
69. Plurals,HeadingsandTitles,Interpretation
Wordsandexpressionsinthesingularshallincludetheplural,andviceversa.Also,whereatermofthispolicyisnotspecificallydefined,itisagreedthatthedefinitionnormallyattributedtoitbyanyapplicablelaworbusinesspracticeshallapply.
Thispolicy,itsscheduleandanyendorsementsareonecontractinwhich,unlessthecontextotherwiserequires:
(i) headingsaredescriptiveonly,notanaidtoconstruction;
(ii) singularincludestheplural,andviceversa;
(iii) themaleincludesthefemaleandneuter;
(iv) allreferencestospecificlegislationincludeamendmentstoandre-enactmentsofsuchlegislation;and
(v) referencestopositions,officesortitlesshallincludetheirequivalentsinanyjurisdictioninwhichacoveredclaimismadeorcoveredinquiryconducted.
70. ScopeandGoverningLaw
Anyissuerelatingtotheconstruction,validityoroperationofthispolicyshallbedeterminedinaccordancewiththelawsoftheCommonwealthofAustraliaandtheAustralianStateorTerritoryinwhichthepolicyisissued.Exceptasotherwiseprovidedherein,thepartiessubmittotheexclusivejurisdictionoftheAustraliancourts.
71. Subrogation
Unlessotherwisestatedinthepolicy,intheeventofanypaymentunderthispolicy,weshallbesubrogatedtoallofyourrightsofrecoveryinrespectofsuchpayment.Inaddition,youshallexecuteallandanydocumentationanddoanyotherthings,atyourowncost,asmaybenecessarytoenableustobringanactionorsuitforsuchrecovery.
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(vi) anyfinanciallosssustained,whilstinthecare,custodycontrolofanyfinancialinstitutionorarmouredsecuritycompany;
(vii) expensesincurredinreplacingdataorredesigningofsoftware;
(viii) losssustainedbyoneinsuredpersonorentitytotheadvantageofanotherinsuredpersonorentity.
(g) discoveredmeans
whenanofficerfirstbecomesawareoffactswhichwouldcauseareasonablepersontobelievethatadirectfinanciallosshasbeenorislikelytobeincurred,eventhoughtheexactamountordetailsofthedirectfinanciallossarenotknownatthetimeofdiscovery.
(h) employeemeans
anynaturalpersonwhois,hasbeenorduringtheperiodofcoverbecomesexpresslyengagedunderacontractofemploymentwithanyinsuredorsubsidiary.
(i) inquirymeans
(i) aninvestigation,examinationorinquirybyanyprofessionalbodyofwhichyouareamember,orexternalofficialpersonorbodyhavinglegalauthoritytoconductaninvestigation,includingaRoyalCommission,intoyourprofessionalservicesandforwhich:
(a) thenoticeorprocessrequiringyoutoattendortoproducedocumentsoranswerquestionsisfirstservedduringtheperiodofcover;or
(b) youareidentifiedinwritingduringtheperiodofcoverbysuchauthorisedpersonorbodyasatargetoftheinvestigation,examinationorinquiry;or,
(ii) araidon,oron-sitevisitto,youwhichfirsttakesplaceduringtheperiodofcoverbyaregulator,governmentbodyoranyotherexternalofficialpersonorbodyhavinglegalauthoritytoconductaninvestigationintotheprovisionofyourprofessionalservicesandwhichinvolvesyouintheproduction,review,copyingorconfiscationofdocumentsoraninterview;or
(iii) apublicannouncementrelatingto(ii)abovemadebytheauthorityperformingtheraidoron-sitevisit.
Itisnotnecessarythataclaimismadeagainstyou.
Part7–DefinitionsInthispolicy,unlessthecontextrequiresotherwise:
(a) claimmeans
(i) awrittenorverbaldemandbyathirdpartyforcompensationordamages;or
(ii) acivilproceedingbroughtbyathirdpartyforrecoveryofcompensationordamages,
inrespectofanactualorallegedbreachofprofessionalduty.
(b) currencymeans
anynegotiableinstruments,bearerbonds,coupons,stamps,money,bankorcurrencynotes.
(c) damagesmeans
anyamountthatyoushallbelegallyliabletopayasmonetarycompensationinrespectofjudgmentsorarbitralawardsrenderedagainstyou,orsettlementsenteredintowithourpriorwrittenconsent.
(d) deductiblemeans
theamountspecifiedassuchintheschedule.
(e) defencecostsmeans
allreasonablelegalfees,costsandexpenses,includingdisbursementsforwhichyouarelegallyliableandwhichyouincurredafteraclaimismade,withourpriorwrittenconsent(suchconsentnottobeunreasonablydelayedorwithheld),intheinvestigation,defence,adjustment,settlementorappealofanyclaim.
(f) directfinanciallossmeans
thephysicallossofcurrencybelongingtoyouorinyourcare,custodyorcontrol,sustainedbyyoudirectlyasaresultofadishonest,fraudulentormaliciousact.Itdoesnotmean:
(i) costs,feesorexpensesofprosecutingordefendinganydemand,claimorlegalproceedingresultingfromadirectfinanciallosscoveredbythispolicy;
(ii) costs,feesorotherexpensesinestablishingtheexistenceoramountofanydirectfinancialloss;
(iii) salary,wages,commissions,fees,bonuses,promotions,awards,profit-sharing,superannuationoranyotherremunerationofanyemployeeorofficer;
(iv) completeorpartialnon-paymentunderanycreditarrangement;
(v) interestorotherindirectorconsequentialloss;
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(c) inaccordancewithwhoseinstructionsorwishesthedirectorsoftheinsuredorsubsidiaryareaccustomedtoact(excludingadvicegivenbythepersonintheproperperformanceoffunctionsattachingtotheperson’sprofessionalcapacityortheirbusinessrelationshipwiththedirectorsortheinsuredorsubsidiary).
(o) periodofcovermeans
theperiodoftimespecifiedassuchintheschedule.
(p) professionalservicesmeans
professionalworkinvolvingoneormoreofthefollowingactivities:
(i) design,includingpre-designandadviceinrelationtodesign;
(ii) drafting,drawingsandtechnicaldocumentation;
(iii) technicaladvice;
(iv) technicalspecification;
(v) technicalinformationcalculation;
(vi) feasibilitystudies;
(vii) surveying;
(viii) provisionofinspectionservices;
(ix) programmingandtimeflowmanagement;
(x) traininginrespectofanyoftheaboveactivities;
(xi) projectmanagement;
(xii) constructionmanagement;
inrespectoftheprofessionalbusinessspecifiedintheschedule,wheresuchprofessionalworkiscarriedoutbyorunderthecontrolofaproperlyqualifiedarchitect,engineer,surveyororappropriateprofessionalperson,whetheryouremployeeorapersonactingunderyourcontrolorundercontractwithyou.
Professionalservicesdonotinclude:
(a) performanceorsupervisionofanyconstruction,assembly,installation,erectionormaintenanceaswouldbeundertakeninacapacitynormallyprovidedbyabuildingorconstructionormaintenancecontractoractinginsuchcapacityalone;
(b) environmentalprotection,workplacehealthandsafetyorindustrialrelationsmatterswhichwouldnormallybeoverseenbyabuildingorconstructionormaintenancecontractor.
However,inquirydoesnotinclude:
(iv) anyof(i),(ii)or(iii)abovethatrelatestoanindustryeventorpracticeandnotspecificallytoyourconductprovidingprofessionalservices;
(v) routineregulatorysupervision,inspectionorcompliancereviews;
(vi) anyinquiryconductedintheUnitedStatesofAmericaorCanadaoranyofitsterritoriesorpossessions.
(j) inquirycostsmeans
allreasonablelegalcostsandexpensesforwhichyouarelegallyliableandwhichareincurredbyyou,withourpriorconsent(suchconsentnottobeunreasonablydelayedorwithheld),forlegalrepresentationinconnectionwith,preparationfor,attendanceatorcompliancewithaninquiry.
(k) insuredmeans
theorganisationornaturalperson(s)specifiedassuchintheschedule.
(l) limitofindemnitymeans
theamountspecifiedassuchintheschedule.
(m) mitigationcostsmeans
allcostsandexpensesnecessarilyincurredbyyouthatare:
(i) directly,solelyandexclusivelyattributableto;and
(ii) reasonablyincurred;
tomitigateorrectifyanerrororomissionthatcouldhaveresultedinaclaimbeingmadeagainstyouandforwhichthepolicywouldrespondifaclaimhadbeenmade.
Itdoesnotmeanorinclude:
(i) yourlossofopportunity,revenueorprofits;
(ii) amountspaidbyyousolelyforthepurposeofreducingorremovingreputationalrisktothebusiness;
(iii) damages,compensationorotherpaymentsmade,orconsiderationgiven,tocustomers,clientsorpotentialclaimants;
(iv) anyamountonceaclaimismade.
(n) officermeans
(i) adirectororsecretaryoftheinsuredorsubsidiary;or
(ii) aperson:
(a) whomakes,orparticipatesinmaking,decisionsthataffectthewhole,orasubstantialpart,ofthebusinessoftheinsuredorsubsidiary;or
(b) whohasthecapacitytoaffectsignificantlytheinsured’sorsubsidiary’sfinancialstanding;or
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(v) we,us,ourmeans
AllianzAustraliaInsuranceLimited,ABN15000122850,AFSLicenceNo.234708.
(w) you,yourmeans
(i) theinsuredandanysubsidiarythereof;and
(ii) anyofficerbutonlywhenactingwithinthescopeoftheirdutiesintheperformanceofprofessionalservices(asdistinguishedfromcarryingoutdutiesasanofficeroftheinsuredinrelationtotheinsured’sownaffairs);or
(iii) anyemployeebutonlywhenactingwithinthescopeoftheirdutiesintheperformanceofprofessionalservices.
(q) publicrelationsexpensesmeans
allreasonablepaymentsincurredbyyouwithourpriorwrittenconsent(suchconsentnottobeunreasonablydelayedorwithheld)forpublicrelations,crisismanagementorlegalservicesreasonablyrequiredtopreventorminimiseadverseornegativepublicityasadirectresultofaclaimorinquirycoveredbythispolicy.
Itdoesnotmeanorinclude:
(i) responsecostsasdefinedunderOptionalExtension25;
(ii) youroverheads,staffremunerationormanagementtime;
(iii) compensationorotherpaymentsmadetocustomers,clientsorpotentialclaimants;
(iv) finesorpenalties;or
(v) thecostsandexpensesofcomplyingwithanyorderfor,grantoforagreementtoprovideinjunctiveorothernon-monetaryrelief.
(r) schedulemeans
theschedulerelatingtoandformingpartofthispolicy,includinganyendorsementsthereto.
(s) submissionmeans
eachandeveryproposalform,thestatements,andrepresentationstherein,itsattachmentsandallothermaterialinformationsubmittedtousinrespectofthispolicy.
(t) subsidiarymeans
anyentityatthecommencementoftheperiodofcoverthattheinsuredeitherdirectlyorindirectly:
(i) controlsthecompositionoftheboardofdirectors;
(ii) controlsmorethanhalfofthevotingpower;or
(iii) holdsmorethanhalfoftheissuedsharecapital.
(u) terrorismmeans
anact,includingbutnotlimitedtotheuseofforceorviolenceand/orthethreatthereof,ofanypersonorgroup(s)ofpersonswhetheractingaloneoronbehalfoforinconnectionwithanyorganisation(s)orgovernment(s),committedforpolitical,religious,ideologicalorsimilarpurposesincludingtheintentiontoinfluenceanygovernmentand/ortoputthepublicoranysectionofthepublicinfear.
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POL8
10BA
06/
15
Contact: finlines@allianz.com.au
Allianz Australia Insurance Limited (Allianz)ABN 15 000 122 850AFS Licence No. 2347082 Market Street Sydney NSW 2000 Telephone: 13 2664
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