CGU PROFESSIONAL RISKS

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1 CGU PROFESSIONAL RISKS BUSINESS PROTECTION MANAGEMENT LIABILITY INSURANCE Summary of significant changes Business Insurance Policy (CGU BPML 11-15) Replacing Lumley Policy Policy General Definitions Authority Authority means any regulator, government body, government agency, disciplinary body, criminal authority, official trade body, or any other person or body; No equivalent definition New definition to go with Deprivation of Assets Proceedings Definition and Extension a) having legal authority to conduct and investigation; or b) appointed, constituted or acting under a delegation pursuant to an Act of Parliament for the purposes of enforcement of such an Act of Parliament. 1

2 Crime Loss Crime Loss means the actual market value for the direct financial loss of an Insured Property caused by a Criminal Act which takes place in the ordinary course of Your Business. Fidelity Loss means the actual market value for the direct financial loss of an Insured Property caused by an Employee s or Director s fraud or dishonesty which takes place in the ordinary course of Your Business. Expanded Cover Crime Loss now covers Criminal Acts committed by Third Parties. Fidelity Loss in the old policy does not cover third party acts. Criminal Act Criminal Act means any fraudulent or dishonest single, continuous or repeated act or series of acts committed by an Employee, Director or Third Party on or after the Retroactive Date, whether acting alone or in collusion with another Employee, Director or a Third Party, with the principal intent to cause a Crime Loss to Your Company or to obtain a personal financial gain. No equivalent definition. Expanded Cover - Criminal Act in the new policy includes criminal acts of Third Parties. Fidelity Loss in the old policy does not cover third party acts. Deprivation of Assets Proceedings Deprivation of Assets Proceedings means any proceeding brought against Your People by any Authority seeking: a) confiscation, assumption of ownership and control, suspension or freezing of rights of ownership of real property or personal assets of Your People; b) a charge over real property or personal assets of Your People; c) a temporary or permanent prohibition on any of Your People from holding the office or performing the function of a Director or officer; d) a restriction of any of Your People s liberty to a specified domestic residence or an official detention; e) deportation of any of Your People following revocation of otherwise proper, current and valid immigration status for any reason other than Your Peoples conviction of a crime. No equivalent definition New definition to go with new Deprivation of Assets Proceedings Extension in Coverage Part 1 Directors & Officers Liability / Company Reimbursement. 2

3 Fidelity Loss The new policy refers to Crime Loss instead of Fidelity Loss. Fidelity Loss means the actual market value for the direct financial loss of an Insured Property caused by an Employee s or Director s fraud or dishonesty which takes place in the ordinary course of Your Business. Definition of Fidelity Loss deleted and replaced by the broader definition of Crime Loss. Official Body Official Body means any regulator, government body, government agency, disciplinary body or administrative body or agency or official trade body legally empowered to investigate the affairs of Your Company. No equivalent definition New definition to tie in with additional coverage provided by the expanded definition of Claim in Coverage Part 4 Company Liability. Provides cover for investigations brought by an Official Body into the affairs of Your Company Proposal Proposal means the written or electronic proposal form together with any supplementary material completed by or on behalf of the Insured, that was given to Us, and relied on by Us to effect this Policy. Proposal means all proposals, including attachments and materials submitted therewith, for this Policy or for any Policy of which this Policy is a renewal or replacement. All such proposals, attachments and materials are deemed attached to and incorporated into this Policy. Definition has been amended to clarify that the proposal form: includes any written or electronic proposal form together with any supplementary material. does not attach to and form part of this Policy. Statutory Fine Statutory Fine means any monetary fine or penalty payable by an Insured on conviction of any offence under an Act of Parliament. Statutory Fine does not include any amounts payable or calculated by reference to: a) compensation; b) compliance, remedial, reparation or restitution costs; Statutory Fine means any civil fines and civil penalties liable on conviction of any offence under an Act of Parliament. Pecuniary penalties awarded in criminal proceedings but only in respect to Occupational Health & Safety legislation and Pollution legislation. Statutory Fine definition has been expanded. It now includes pecuniary penalties that are no longer limited to Occupation Health and Safety Legislation or Pollution Legislation. c) exemplary or punitive damages; d) any consequential economic loss; e) any requirement to pay taxes, rates, duties, levies, charges, fees or any other revenue charge or impost; and f) any fine or penalty the insurance of which is prohibited at law. 3

4 Third Party Third Party means any natural person other than any Insured. No equivalent definition. New definition added as part of the broader Crime Loss cover. We Us Our We, Us, Our means CGU Professional Risks, CGU Insurance Limited ABN We Us Our means WFI Insurance Limited ABN trading as Lumley Insurance. The Policy now refers to CGU Insurance Limited as being the insurer replacing WFI Insurance Limited. General Extensions 2. Acquisitions and Creations The following clause has been added to this extension: iii. the consolidated assets of such Subsidiary is less than 20% of the consolidated assets of the Company as noted in the Policy Schedule. This clause was not in the old policy. Specifies that any new Subsidiary is only automatically covered if its assets are less than 20% of the consolidated assets of the Company as noted in the Policy Schedule. General conditions 14. Territorial Limits (and jurisdictional limits) The cover provided by this Policy extends to cover Wrongful Acts brought under the Coverage Part under which indemnity is sought, committed or occurring in whole or part anywhere in the world excluding: a) actions brought in or determined pursuant to the law of, the United States of America or Canada or any state or territory incorporated in, or administered by the United States of America or Canada; or b) arising from the enforcement of any judgement, order or award in respect of any action brought in any court of law in the United States of America or Canada or any state or territory incorporated in, or administered by the United States of America or Canada. Previously cover was limited to Wrongful Acts committed or occurring Australia and New Zealand only. Actions brought in a court or tribunal outside of the Commonwealth of Australia or New Zealand; or any liability arising from the application by an Australian or New Zealand court or tribunal of any foreign law were excluded. Territorial Limits have been added to General Conditions and are now worldwide. Previously cover was limited to Wrongful Acts committed or occurring in Australia and New Zealand. Jurisdictional limits of the Policy have been included in this condition. The jurisdictional limits of the Policy are now worldwide excluding the USA and Canada. Previously cover was limited to Wrongful Acts committed or occurring in Australia and New Zealand. 4

5 General claims conditions Defence Costs We will indemnify the Insured for Defence Costs arising out of any criminal prosecution in which they are acquitted by a court, provided that: c) We will indemnify the Insured for Defence Costs arising out of any criminal prosecution with respect to Occupational Health and Safety legislation and Pollution legislation in which they are Acquitted by a court, provided that: Previously the old wording only indemnified the Insured for Defence Costs arising out of any criminal prosecution with respect to Occupational Health & Safety legislation and Pollution Legislation. Reporting and Notification CGU Insurance Limited Professional Risks Claims Department GPO Box 4609 Melbourne VIC Liability Claims Lumley Insurance GPO Box 524 Queensland 4001 and/or to: com.au Change of address for reporting and notifying matters that may be covered by the Policy. General exclusions 3. Cyber Liability This exclusion has been removed and now only applies to Coverage Part 3 Statutory Liability and Coverage Part 4 Company Liability. The Cyber Liability exclusion applied to all Coverage Parts in the previous Lumley wording. The exclusion now only applies to Coverage Part 3 Statutory Liability and Coverage Part 4 Company Liability. 5. Fraud 5. Fraud for any dishonest, malicious or fraudulent act or omission or any wilful violation of any statute or regulation if a judgment or other final adjudication adverse to any Insured establishes that such Insured committed such an act, omission or wilful violation. This Exclusion 5. above does not apply to Coverage Part 4 Company Liability, Extension 2. Crime Loss. 6. Fraud for any dishonest, malicious or fraudulent act or omission or any wilful violation of any statute or regulation if a judgment or other final adjudication adverse to any Insured establishes that such Insured committed such an act, omission or wilful violation. This Exclusion 6. above does not apply to Coverage Part 4 Company Liability, Extension 1. Fidelity Loss. Coverage Part 4 Company Liability, Extension 2. Crime Loss now replaces Coverage Part 4 Company Liability, Extension 1. Fidelity Loss. 5

6 6. Insolvency arising directly or indirectly out of, or attributable to or in any way connected to the Financial Impairment, bankruptcy, insolvency, receivership or administration of Your Company, any Associated Entity, Non Profit Entity or other entity for which Outside Positions cover is confirmed in the Policy Schedule. However this exclusion shall not apply under Coverage Part 1 Directors & Officers Liability/Company Reimbursement, C) Extension 4. Directors Tax Liability. Lumley policy did not specifically exclude insolvency cover for any Associated company or Outside Position. The Policy s intent has been clarified to advise there is no insolvency cover for any Associated Entity or Outside Position. 6

7 9. Pollution based upon, arising out of or attributable to or in any way connected to Pollution, except that: a) under Coverage Part 1 Directors and Officers Liability/ Company Reimbursement of this Policy, We will pay, on behalf of Your People, Defence Costs with a sub-limit up to the lesser amount of the Limit of Indemnity or $1,000,000 arising from any Claim first made against them and notified during the Period of Insurance and that Claim involves a criminal or regulatory offence occurring or committed in Australia or New Zealand only; b) under Coverage Part 1 Directors and Officers Liability/Company Reimbursement of this Policy, We will pay, on behalf of Your People, Loss arising from any Claim first made against them and notified during the Period of Insurance involving a shareholder and/or bondholder of Your Company either directly or derivatively alleging loss in the value of the share capital of Your Company by reason of Pollution occurring or committed in Australia or New Zealand only; and c) under Coverage Part 3 Statutory Liability of this Policy, We will pay, on behalf of Your Company, Loss with a sub-limit up to the lesser amount of the Limit of Indemnity or $1, 000,000 for any Claim for a Wrongful Act in respect of Pollution occurring or committed in Australia or New Zealand only. based upon, arising out of or attributable to or in any way connected to Pollution, except that: a) under Coverage Part 1 Directors and Officers Liability of this Policy, We will pay, on behalf of Your People, Defence Costs with a sub-limit up to the lesser amount of the Limit of Indemnity or $1,000,000 arising from any Claim first made against them and notified during the Period of Insurance and that Claim involves a criminal or regulatory offence. b) under Coverage Part 1 Directors and Officers Liability of this Policy, We will pay, on behalf of Your People, Loss arising from any Claim first made against them and notified during the Period of Insurance involving a shareholder and/or bondholder of Your Company either directly or derivatively alleging loss in the value of the share capital of Your Company by reason of Pollution; and c) under Coverage Part 3 Statutory Liability of this Policy, We will pay, on behalf of Your Company, Loss with a sub-limit up to the lesser amount of the Limit of Indemnity or $1, 000,000 for any Claim for a Wrongful Act in respect of Pollution. The Policy s intent has been clarified to advise that only Wrongful Acts occurring or committed in Australia and New Zealand are covered. 7

8 Coverage Part 1 Directors & Officers Liability / Company Reimbursement Coverage Part 1 Directors & Officers Liability / Company Reimbursement Coverage Part 1 Directors & Officers Liability For clarification purposes only, this Coverage Part has been renamed Coverage Part 1 Directors & Officers Liability / Company Reimbursement c) Extensions Deprivation of Assets Proceedings We will pay the reasonable and necessary fees, costs and expenses incurred by Your People arising from any Deprivation of Assets Proceedings subject to a sub-limit of $100,000. No equivalent cover New extension providing cover for Deprivation of Assets Proceedings subject to a sub-limit of $100k. Extradition Expenses We will pay on behalf of Your People reasonable and necessary fees, costs and expenses incurred with Our prior written consent (which shall not be unreasonably withheld) in respect of an extradition proceeding in retaining: No equivalent cover New extension providing cover for extradition proceedings subject to a sub-limit of $50k a) an accredited counsellor; b) an accredited tax advisor subject to a sub-limit of $50,000. d) Exclusions Conduct based upon, directly or indirectly arising from or attributable to: a) any wilful breach of duty, dishonest, fraudulent, criminal or malicious act or omission or other act or omission committed with deliberate intent of such Insured; b) such Insured having improperly benefited in fact from Securities transactions as a result of information that was not available to other sellers and/or purchasers of such Securities; c) such Insured having gained in fact any personal advantage to which he/she was not legally entitled. 6. Fraud for any dishonest, malicious or fraudulent act or omission or any wilful violation of any statute or regulation if a judgment or other final adjudication adverse to any Insured establishes that such Insured committed such an act, omission or wilful violation. This Exclusion 6. above does not apply to Coverage Part 4 Company Liability, Extension 1. Fidelity Loss. For clarification purposes only, the Policy expressly excludes an Insured having improperly benefited in fact from Securities transactions or gained in fact any personal advantage to which he/she was not legally entitled. 8

9 COVERAGE PART 2 Employment Practices Liability c) Exclusions Employee entitlements b) b) based upon, directly or indirectly arising from or attributable to compensation payable in respect of a contract of employment alleged to be unfair or the seeking of relief pursuant to any law or regulation or pursuant to any statute, ordinance or industrial instrument in the States or Territories of the Commonwealth of Australia or New Zealand. No equivalent exclusion For clarification purposes only, the Policy did not cover the Insured for compensation payable in respect of unfair contracts of employment - this is now expressly excluded. The Policy continues to provide Defence Costs in respect of Claims arising from allegations of unfair contracts of employment. COVERAGE PART 3 Statutory Liability a) Definitions Claim Claim means: a) any formal or official investigation (excluding any internal investigation) by a regulatory, governmental, professional or other authorised institution, legally authorised to carry out such an investigation against Your Company alleging a Wrongful Act which might give rise to a Loss; and/or b) any written communication by a regulatory, governmental, professional or other authorised institution served upon Your Company threatening commencement of legal proceedings, or marking the beginning of legal proceedings against Your Company alleging a Wrongful Act. Claim means: a) any formal or official investigation (excluding any internal investigation) by a regulatory, governmental, professional or other authorised institution, authorised to carry out such an investigation against Your Company which might give rise to a Loss; and/or a) any written communication by a regulatory, governmental, professional or other authorised institution served upon Your Company threatening commencement of legal proceedings, or marking the beginning of legal proceedings against Your Company alleging a Wrongful Act. Amendments have been made for clarification purposes only, and to correct grammatical errors. 9

10 Loss Loss means any Defence Costs and any Statutory Fine arising from a Claim notified during the Period of Insurance. Loss means any Defence Costs and any Statutory Fine issued during the Period of Insurance. Loss does not include: a) any amount for which Your Company is absolved from payment; b) any compliance, remedial, reparation or restitution costs; c) the multiple portion of any multiplied damage award; d) punitive or exemplary damages; e) taxes, employee remuneration or compensation payable; or f) any other amount which is uninsurable under the law pursuant to which this Policy is construed. Amendments have been made for clarification and grammatical purposes: the previous policy required Statutory Fine to be issued during the period of insurance. The new wording requires the Claim arising from a Statutory Fine and associated Defence Costs to be notified during the Period of Insurance. Parts a) to f) of the definition in the old wording are not included in the new wording as the definition of Statutory Fine in the new wording excludes these points. b) Coverage We will pay, on behalf of Your Company, Loss for any Claim for a Wrongful Act first made and notified to Us during the Period of Insurance up to the lesser amount of the Limit of Indemnity or $2,000,000. COVERAGE PART 4 Company Liability a) Definitions Claim part c) Claim means: any investigation brought by an Official Body into the affairs of Your Company whether or not a Wrongful Act is alleged; We will pay, on behalf of Your Company, Loss for any Claim for a Wrongful Act first made and notified to Us during the Period of Insurance. No equivalent cover Previously there was no sub-limit for Statutory Liability. The new Policy contains a maximum limit of $2,000,000 or the Limit of Indemnity whichever is the lesser. The old policy did not offer investigation costs under Coverage Part 4 Company Liability. c) Extensions Breach of Contract Defence Costs We will pay Defence Costs arising from any Claim in connection with an alleged breach by Your Company of any express contract or agreement (whether written or oral) with a third party. Our total liability during the Period of Insurance for all Claims under this extension will not exceed $100,000. No equivalent cover Defence Costs of up to $100,000 incurred with respect to allegation of a breach of any express contract or agreement (whether written or oral) with a third party. 10

11 Crime Loss Subject to the Crime Loss Excess specified in the Policy Schedule, We will reimburse Your Company, with a sub-limit up to the lesser amount of the Limit of Indemnity or $250,000 for any Crime Loss resulting from a Criminal Act, provided such Crime Loss is first Discovered and notified to Us in writing as soon as reasonably possible during the Period of Insurance. This extension shall also cover subject to the sub-limit: Subject to an Excess of $4,000 for each and every Claim, We will reimburse Your Company, with a sublimit up to the lesser amount of the Limit of Indemnity or $750,000 for a Fidelity Loss. This extension shall also cover subject to the sub-limit: Crime Loss now covers Criminal Acts committed by Third Parties. Fidelity Loss in the old policy does not cover third party acts. The sublimit for Crime Loss in the new policy is $250,000 whereas the more restrictive cover for Fidelity Loss in the old policy had a higher sub-limit. No equivalent exclusion h) arising out of, or in any way related to the loss of, damage to, or reproduction of: records, manuscripts, accounts, tapes or any other form of hard copy records or electronic records; or The Policy will now cover loss or damage to records, manuscripts, accounts, tapes or any other form of hard copy records or electronic records resulting from a Criminal Act. arising out of, or in anyway related to, the voluntary giving, exchanging, purchasing or surrendering of Insured Property unless such voluntary giving, exchanging or surrendering has occurred by reason of a Criminal Act covered under this extension; or j) arising out of, or in anyway related to, the voluntary giving, exchanging, purchasing or surrendering of Insured Property unless Your Company has taken reasonable steps to prevent such Fidelity Loss. Change in clause to clarify intent of cover only. 11

12 Identity Fraud a) If any party other than Your People enters into any agreement with any third party fraudulently representing themselves as a representative of Your Company, then We will pay any reasonable and necessary fees, costs and expenses incurred by Your Company with Our written consent (which shall not be unreasonably withheld), in establishing that such fraudulent misrepresentation has occurred, should the third party seek to enforce such agreement against Your Company; and No equivalent cover Provides costs and expenses in establishing that a third party has committed identity fraud sub-limited to $100,000. b) Our total liability during the Period of Insurance for all Claims under this extension will not exceed $100,000. Tax Audit Costs Subject to the Tax Audit Costs Excess specified in the Policy Schedule, We will pay Tax Audit Costs with a sub-limit up to the lesser of the amount of the Limit of Indemnity or $250,000. Subject to an Excess of $1,000 for each and every Claim, We will pay Tax Audit Costs with a sub-limit up to the lesser of the amount of the Limit of Indemnity or $250,000. The Tax Audit Cost Excess is now specified in the Policy Schedule and not the policy wording. d) Exclusions Breach of Contract based upon, arising out of, attributable to any liability of Your Company under any written or verbal contract or agreement. However, this exclusion will not apply to any liability that would have attached to Your Company in absence of such contract. arising out of any actual or alleged breach of contract. The old policy contained an absolute exclusion in respect of breaches of contract. The new wording contains a write back. The description of the cover provided by the Policy is a summary of changes only. The cover described is subject to specific terms, conditions and exclusions specified in the Policy and subject to underwriting terms and acceptance criteria. CGU.COM.AU PRR0114 REV0 1/16 CGU BPML Changes Doc Insurer CGU Insurance Limited ABN AFSL

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