27 Sep Does your Professional Indemnity policy wording suit your business?
Does your Professional Indemnity policy wording suit your business?
Not all strata businesses are alike. And not all professional indemnity policies are alike.
For instance, let’s say you’re an Authorised Representative (providing insurance general product advice) and your staff are Sub-Authorised Representatives also providing general product advice. Does your policy’s schedule clearly note ‘general product advice’ as one of the business activities you and your staff perform? Often, we see schedules reflecting strata management activities and not those relating to insurance.
A simple “miss” like this can result in a claim being denied.
We are geared towards working with Strata Managers of all sizes, ranging from those that have individual strata plans to those who manage thousands of various commercial, residential and community associations plans.
Policy Features include:
- Employment Practices Liability extension up to $500,000
- Fidelity extension up to $100,000
- Two reinstatements
- Competition and Consumer Act and other Legislation
- Loss of Damage to Documents
- Dishonesty of Insured Persons
- Fiduciary Duty
- Defamation, Libel and Slander
- Infringement of Copyright or Patents
- Newly Created or Acquired Subsidiaries
- Fines and Penalties
- Appointed Sub-Consultants
- Contractual Liability
- Joint Venture/Consortium
- Claim Preparation Costs
- Costs of Court Attendance
- Public Relations Expenses
- Mitigation Costs
- Emergency Defence Costs
- Inquiry Costs
- Legal Panel
- Continuous Coverage
- Extended Reporting Period
- Run-Off Cover
- Estates and Legal Representatives
- Multi-Year Run Off extension
For an alternative quote when your policy is coming up for renewal, please feel free to contact us on 1300 880 494 or fill out CRM Professional Indemnity (Strata Manager) Proposal Form.
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