Understand your insurance policies
The following will help you better understand each class of insurance and what it covers. If you have any questions, Contact Us.
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.
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.
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
Equipment Breakdown insurance
Tax Audit insurance
Loss due to interruption of the business as a result of loss, destruction or damage by an insured peril / risk.
Loss of or damage to Caravans and legal liability to third parties arising out of the use of Caravans.
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.
Injury or damage an insured is responsible for under contract.
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.
Loss, destruction or damage to crops from an insured peril / risk.
Customs & Payments Bonds
Liability under the customs and / or Excise Act as amended.
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 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.
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.
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
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’ means the covering of normally dry land by water that has escaped or been released from the normal confines of any of the following:
- a lake (whether or not it has been altered or modified);
- a river (whether or not it has been altered or modified);
- a creek (whether or not it has been altered or modified);
- another natural watercourse (whether or not it has been altered or modified);
- a reservoir;
- a canal;
- a dam.
Loss of or damage to defined property normally of a specialized nature which is not covered under a Fire / ISR Policy
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.
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
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.
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.
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.
The loss of specified vessels or craft as a result of an insured peril.
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.
Loss of money and negotiable instruments.
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.
(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.
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.
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.
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
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.
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.