Understand your insurance policies

Class of Insurance

What does it cover?

Accounts Receivable

Loss due to the inability of the insured to collect debts from customers as the direct result of loss or damage by an insured peril to records of accounts receivable which are contained in the premises.

Advanced Profits / Rentals

Consequential loss of profits/rentals as a result of the delayed completion of a project due to loss, damage or destruction caused by an insured peril/risk.

Audit

Professional fees incurred following audit request by Government

Boiler and Pressure Vessel Explosion

Loss or damage due to explosion or collapse of boilers and/or pressure vessels requiring a certificate of registration.

Burglary / Theft

Loss of or damage to insured property as a result of burglary or theft.

Business Insurance

One of the most common types of insurance for small to medium businesses.  Business Insurance offers flexible business insurance coverage that can be tailored to suit your customer’s needs and protect their business against a range of contingencies.

You can choose from any of the following covers to protect your customers business and assets (as outlined in other parts of this table).

Fire and Other Damage insurance

General Property insurance

Business Interruption insurance

Glass Breakage insurance

Public and Products Liability insurance

Fraud and Dishonesty insurance

Goods in Transit insurance

Money insurance

Equipment Breakdown insurance

Tax Audit insurance

Business Interruption

Loss due to interruption of the business as a result of loss, destruction or damage by an insured peril / risk.

Caravan

Loss of or damage to Caravans and legal liability to third parties arising out of the use of Caravans.

Carriers Liability

Legal liability for loss of and / or damage to goods and or merchandise owned by others when in your care custody and control and whilst in transit within Australia.

Charterers Legal Liability

Insured’s legal liability to owner of a chartered vessel and / or to third parties arising out of the signing of a charter party agreement.

Computer Multi Risks / Computer Breakdown / Business Interruption

Physical loss or damage, including mechanical or electrical breakdown, to computing equipment and loss due to interruption of the business as a result of loss, destruction or damage by an insured peril / risk.

Construction Risks / Liability / Advanced Profits

Loss, destruction of or damage to contract works and all materials ascribed to the contract whilst in transit and on or adjacent to “the site” (cover applies both during the construction and maintenance periods and is tailored to reflect the particular risks mentioned / applicable to specific contracts). Coverage can include legal liability for injury to any person and / or damage to any property of others arising out of the construction / maintenance operations

Contract Bonding / Contract Guarantees

Financial loss arising from the failure of parties to a contract to fulfill their contractual obligations.

Contract Penalties / Liquidated Damages

Penalties under contract for delay in completion of a contract on schedule.

Contractual Liability

Injury or damage an insured is responsible for under contract.

Corporate Travel

Baggage, overseas medical expenses, money, personal accident and loss of deposits for insured persons whilst travelling on the business of the insured. This  policy  is often purchased on an annual basis with the insured client  as beneficiary.

Crop (Growing)

Loss, destruction or damage to crops from an insured peril / risk.

Customs & Payments Bonds

Liability under the customs and / or Excise Act as amended.

Cyber Insurance

First Party Costs – reimburses the Insured for the costs they would incur to respond to a breach, such as IT Forensic Costs, Credit Monitoring Costs, Public Relations Expenses and Cyber Extortion Costs (including ransom payments to hackers).

Third Party Claims – covers the Insured’s liability to third parties from a failure to keep data secure, such as claims for compensation by third parties, investigations, defense costs and fines and penalties from breaching the Privacy Act.

Business Interruption – this section provides reimbursement for the Insured’s loss of profits resulting from the breach, as well as any additional necessary expenses it may need to incur to continue business as usual.

Directors’ and Officers’ Liability/Company Reimbursement

Directors’ or Officers’ for their legal liability for wrongful acts committed whilst acting in their capacity as a Director / Officer.

Drone insurance

Drone insurance policies are usually broken up into two parts –  Liability (damage and claims to third parties) & hull damage (damage related to your UAV).

Electronic Computer Crime

Loss sustained by the insured as a result of fraud perpetrated by anyone other than the insured’s employees through the insured’s computer or electronic communications systems.

Employment Practices Liability

Legal Liability to pay arising out of a claim for employee discrimination, unfair dismissal, workplace harassment

Environmental Impairment (EIL)

Legal liability for personal injury or property damage caused by non-sudden or long-term pollution. This policy can also cover the insured for legal costs and  the  costs  of  removing,  rendering  harmless  or   cleaning   up  of  any substance which  has caused or would cause environmental damage.

Export Credit / Political Risks

Losses caused by: contract repudiation, export license cancellation or currency inconvertibility preventing the transfer of payments made under a contract; insolvency of an overseas customer; confiscation, expropriation, nationalization, requisition, destruction or deprivation by actions of governments  or  local  authorities  of  countries  in  which  the insured  may trade.

Farm Motor

Cover for your farm Machinery, tractors, trucks, bikes and legal liability to third parties arising out of the use of motor vehicle if they are registered.

Farm Property

Covers farm buildings and contents, plus farm improvements like windmills and free-standing siol, underground utilities – for current or replacement cost if you choose. You have the option of Listed Events or Accidental Damage cover. Cover is also available for specified items such as CB radios, mobile phones, computers and fax machines anywhere in Australia.

Farm Machinery & Working Dogs

Your machinery can be covered against fire, storm, impact explosion and the malicious of other people. Cover is also available for working dogs

Fidelity Guarantee

Loss sustained through fraudulent or dishonest acts committed by employees.

Fine Arts Risk

Loss of or damage to fine art and curios whilst on display, exhibition or in transit.

Fire and Perils / Industrial Special Risks

Loss / damage to insured property as a result of fire and / or extraneous perils and / or other risks (Industrial Special Risks).

Flood

‘Flood’ means the covering of normally dry land by water that has escaped or been released from the normal confines of any of the following:

1. a lake (whether or not it has been altered or modified);
2. a river (whether or not it has been altered or modified);
3. a creek (whether or not it has been altered or modified);
4. another natural watercourse (whether or not it has been altered or modified);
5. a reservoir;
6. a canal;
7. a dam.

General Property

Loss of or damage to defined property normally of a specialized nature which is not covered under a Fire / ISR Policy

Glass Breakage

Accidental damage to internal and / or external glass, mirrors, tiles and signs.

Group Personal Accident

A nominated group of individuals for a specified benefit against loss of limbs and disablement. The benefits are payable to the company or association purchasing the cover.

Hay, Grain, Livestock Fencing & Trees

The disposal of dead livestock and removal of fencing debris are among the valuable extras in this section. Cover is also available for farm trees used for windbreaks, shade or to prevent erosion.

Householders

Domestic dwellings and contents against fire and other perils including theft and personal liability. Note: If you do not take Contents Insurance you may have a personal liability exposure that is NOT Insured

Landlords

Residential investment properties & contents against fire & other perils including theft and loss of rent

Libel and Slander / Defamation

Indemnifies insured against claims for libel and slander by any person provided that such claims arise out of the occupation and conduct of the insured.

Livestock

Death or illness to specified livestock.

Machinery Breakdown – Business Interruption

Loss from interruption or interference to the business as a result of loss or damage to plant and / or machinery.

Machinery Breakdown – Material Damage

Sudden and unforeseen loss or damage to plant and machinery.

Management Liability

Incorporating Directors & Officers Liability, Statutory Liability, Crime cover and Employment Practices. See policy schedule for full details of cover provided as this may vary for each circumstance.

Marine Hull

The loss of specified vessels or craft as a result of an insured peril.

Marine Inland

Loss of and / or damage to goods and or merchandise whilst in transit within Australia.

Marine – Overseas

Loss and / or damage to goods and or merchandise whilst in transit to and from Australia.

Money

Loss of money and negotiable instruments.

Motor Vehicle

Loss of or damage to motor vehicles and legal liability to third parties arising out of the use of motor vehicles.

Motor Vehicle Down Time

Assistance towards expenses while heavy transport vehicle is being repaired or replaced following an insured event – up to the specified maximum benefit period.

Personal Accident & Illness

Covering individuals for specified benefit s against loss of limbs, disablement and weekly income. The benefits are payable to the insured or deemed beneficiary purchasing the cover.

Public & Products Liability

Legal liability for bodily injury and/or damage to property occurring in connection with the business. Legal liability for bodily injury and damage to property caused by any products sold or supplied by the insured.

Products Performance Guarantee

Legal liability either at law or under guarantee to repair or replace defective products made, sold or distributed by the insured.

Products Protection

(Malicious product tamper / contamination)

The costs and loss of net profit where products are withdrawn or destroyed due to active or alleged contamination or malicious tamper so as to render the product unfit or dangerous for use.

Products Recall

Legal liability for all costs, expenses and damages for withdrawal or recall of goods or products because of any known or suspected defect or deficiency therein.

Professional Indemnity / E&O / Medical Malpractice

Legal liability to compensate third parties for loss or injury sustained by them arising out of negligent acts, errors or omissions on the part of the insured in the conduct of their business.

Protection and Indemnity

The insured’s liability to third parties as a result of ownership of a vessel / craft.

Road Transit

This section protects your livestock, produce, general farm goods and machinery against damage by fire, flood, collision while travelling by road on your vehicle. It also covers road transit for your general farm goods, machinery, livestock and produce while on any vehicle. You are also protected against theft from a vehicle, if it is securely locked. For your farm insurance, you want the best, most flexible cover you can get.

Special Risks

Loss  or  damage  to  specified  personal  jewelry  or  valuables. This cover is usually placed in conjunction with householders insurance.

Strata Title Insurance

Residential & Commercial Properties against fire and other perils including burglary; loss of rent; fidelity; machinery breakdown; liability; professional indemnity; voluntary workers

Statutory Liability

Legal costs & expenses for investigating & defending allegations of wrongful breaches of a statute & including fines or penalties that are payable to regulatory authorities arising from such breach.

Taxation & Audit Expenses

Professional fees charged by an accountant in connection with a Tax or other Government audit, including costs in obtaining expert advice.

Trade Credit

Credit Insurance for the risk of your customer not paying for the goods or services you’ve supplied.

Umbrella (Difference in Conditions) Liability

Similar cover to Public / Products Liability except that cover is expanded to extend over underlying motor vehicle, workers compensation liability and other liability policies as agreed.