CGU Professional Risks Professional Indemnity Insurance

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1 CGU Professional Risks Professional Indemnity Insurance Summary of significant changes: Professional Indemnity Insurance Policy (CGU PI 12-12) Replacing: Professional Indemnity Insurance Policy (CGU PI 10-08) Section Change Explanation 1.2 Policy Interpretation (formerly Section 10.3 Singular & Plural ) Relocation and expansion of clause The clause is now located in Section 1 and refers to defined words, other grammatical forms and words importing a gender. 1.3 Paragraph Headings New clause Paragraph headings are included for the purpose of reference only and not for Policy interpretation purposes. 3.2 Civil Liability Clarification Change of heading and Heading changed from The types of Claims We Cover to Civil Liability Clarification. Cover includes all Civil Liabilities not specifically excluded by Section 6 of the Policy. Cover is not restricted to the Civil Liabilities specified in Section b) Breach of privacy Expansion of Cover is expanded to include breaches of privacy.

2 3.2 e) Dishonesty and fraud Clarification We specify the Cover in Section 3.2 e) for loss of money arising from fraudulent or dishonest conduct is subject to the s specified in Section g) Misleading and Deceptive Conduct Change in legislation Reference to the Trade Practices Act (TPA) has now changed to the Competition and Consumer Act 2010 (CCA) as the TPA has been replaced by the CCA. 3.3 b) Claims Investigation Costs Explanation of this clause 3.3 c) Claims Investigation Costs Explanation of how the Policy operates In respect of Covered Claims, We pay in addition to the Policy Limit, Claim Investigation Costs (for Australia & New Zealand jurisdictions only). In respect of Covered Claims, We pay inclusive of the Policy Limit, Claim Investigation Costs in respect of Claims: first brought in a court outside Australia or New Zealand; or to enforce a judgment handed down in a court outside Australia or New Zealand; or where the proper law of a country other than Australia or New Zealand is applied to any of the issues Covered by this Policy. The Policy Cover excludes Claims brought in, to enforce a judgment, or to use the proper law of the USA and/or Canada (Section 6.2 Foreign Jurisdiction exclusion). We have specified that We pay Claims Investigation Costs, as and when they are incurred prior to final resolution of the Claim. 3.4 Advancement of Claims Investigation Costs Explanation of this clause We have specified Claims Investigation Costs already advanced do not have to be repay, except in the event of written omission or establishment by final adjudication of the fraudulent and/or dishonest conduct specified in Section 6.11 of the Policy. 3.5 Enquiries Expansion and 3.6 Continuous Cover Clarification of The sub-limit for this Cover has been increased from $100,000 to $250,000. The sub-limit is now also subject to one reinstatement. We now specify that Cover for Enquiries also includes all persons/entities (see Section 4) Covered by the Policy. The s of this Section 3.6 have been expanded to apply to those persons/entities Covered under Section 4 of the Policy. We have specified that if the Insured was entitled to have given notice of the Known Circumstance under any other policy of insurance with any other insurer than this Section 3.6 does not apply. 3.7 Court Attendance Costs (replacing Claims Preparation Costs) Replacement For any Principal, Former Principal or Employee who is required to physically attend at Court for the purposes of giving evidence as a witness in connection with a Claim or Covered Claim, then Claims Investigation Costs will include the following payments per day on which attendance at Court is required: a) for any Principal or Former Principal: $500. b) for any person who was or is an Employee: $250. No Excess applies to this Cover. CGU Professional Risks Professional Indemnity Insurance 2

3 3.8 Lost Documents New Where Cover is not otherwise provided under Section 3.1 of the Policy, We shall pay the costs and expenses in replacing or restoring a third party s Documents that have been Lost during the Period of Insurance. Sub-limited to $250,000 inclusive of the Policy Limit and subject to an Excess of $1,000. This sub-limit is also subject to one reinstatement b) Extended Run-off Cover New optional The Insured may apply to extend the Period of Insurance for run-off up to a maximum of 84 months. Cover is subject to: a Proposal Our written agreement payment of an additional premium any additional terms and conditions that We may impose Public Relations Cover New We will pay the reasonable and necessary fees, costs and expenses of a public relations consultant to design and implement a Publicity Campaign, to prevent or mitigate damage to the reputation of the Insured in consequence of a Claim. Sublimited to $50,000 which is inclusive of the Policy Limit and subject to an Excess of $1,000. This sub-limit is also subject to one reinstatement Extended Notification Period New In the event that this Policy is not renewed or is cancelled for any reason other than non-payment of premium then the Insured has until such time that the Insured effects another insurance policy, either with Us or any other insurer(s), or a period of thirty (30) days commencing on the day immediately following expiry/cancellation of this Policy, whichever is sooner, to notify Us of any Claims made while this Policy is in force Fidelity Cover New Optional Extension We Cover the Insured for any Fidelity Loss where such Fidelity Loss: i. is sustained by reason of any dishonest or fraudulent conduct of an Employee; ii. is first dised by the Insured during the Period of Insurance; iii. We are told about in writing as soon as reasonably practicable during the Period of Insurance; and iv. is caused by dishonest or fraudulent conduct committed by an Employee within a period of thirty six (36) months before being first dised by the Insured. 4.2 Vicarious liability for Agents or Consultants 4.3 b) Principal s Previous Business Clarification of Amendment of The of the Professional Services includes the acts, errors or omissions of agents or consultants of the Policyholder in the of the Professional Services for which the Policyholder is liable. We provide 30 days automatic Cover to Principals of the Insured arising in their capacity as a principal of a prior professional practice in respect of the on behalf of the prior professional practice of Professional Services of the type Covered under this Policy. The Retroactive Date with respect to this Cover is without limitation of date. This 30 days automatic Cover can be extended subject to additional underwriting information and premium. CGU Professional Risks Professional Indemnity Insurance 3

4 4.3 d) Merged and/or Newly Acquired Subsidiaries Clarification of The Policy Covers entities in respect of Claims arising from the of Professional Services of the type as those Covered by this Policy subject to: a maximum of thirty days from the date of the merger/ acquisition (or until the Policy expires if that is sooner) or an extended period (subject to additional premium) after receipt of a satisfactory underwriting information. the Retroactive Date for such Cover is deemed to be the date of the merger/acquisition unless We otherwise agree in writing. 4.3 e) Former subsidiaries New We Cover any former subsidiary company of the Insured only in respect of: Claims arising from the of Professional Services; and acts, errors or omissions which occurred after the Retroactive Date and prior to the date on which such subsidiary ceased to be a subsidiary of the Insured. 6.2 Foreign Jurisdictions Expansion of The Jurisdictional Limits of the Policy have been extended to World Wide, excluding the USA and/or Canada. 6.3 b) to e) Assumed duty or obligation Expansion and The exclusions only apply to the extent We have been prejudiced by the circumstances/agreements specified in the exclusions. 6.4 Related parties Restriction and The Policy specifically excludes Claims brought by any: of the persons or entities specified in Section 4 of the Policy. company in respect of which any of the persons or entities specified in Section 4 of the Policy, holds more than 10% of the voting shares or rights and/or an executive role. trust in respect of which any of the persons or entities specified in Section 4 of the Policy is a trustee/beneficiary and/or has a direct/indirect financial interest. 6.5 Refund of fees and trading debts Restriction of The Policy now specifically excludes Claims for the waiver of any obligation to pay professional fees or charges. 6.6 Profit Clarification of We ve simplified this exclusion to exclude any component of profit derived or derivable by the Insured. 6.9 b) Employers Liability Clarification The amendment is to clarify that the Policy excludes workers compensation claims Intentional Damage Clarification of 6.17 Pollution Expansion of This exclusion is subject to the Cover provided by Section 3.2 e). The exclusion will not apply if the Pollution results from an error or omission in design and/or advice and/or specification in the of the Professional Services. 7.5 We can manage the Claim (Duty to defend language) Amended policy Where We ve confirmed Cover and the Insured requests Us to, We have the duty to conduct the defence of or settlement of any Claim c) The Excess Amended policy Only one Excess will apply for all Covered Claims or losses Covered by this Policy arising from the one act, error or omission. CGU Professional Risks Professional Indemnity Insurance 4

5 7.12 d) The Excess Amended policy 7.15 Material change in the risk Amended policy In the event of a Claim arising from separate acts, errors or omissions, then one Excess shall apply in respect of each such Claim. We ve clarified what material changes the Insured must advise. 8.1 Special Provisions for dishonesty and fraud Amended policy This has been extended to also apply to electronic funds transfers. Section 9 Fidelity Cover New policy s 11.3 Allocation New policy 13.2 Definition of Civil Liability Expansion of New s introduced for the new Fidelity Cover optional extension. New Policy introduced to specify how Claims comprised of Covered Matters and Uned Matters are dealt with. Civil Liability is no longer restricted to the compensatory damages, costs and expenses that a civil court orders the Insured to pay. It now includes any compensatory damages, costs and expenses in respect of a Claim. Civil Liability also includes the legal costs of the person making the Claim, for which the Insured becomes liable. Note: there is no Cover for criminal liability or penalties Definition of Claim Investigation Costs (includes declaratory and/or other equitable relief) Expansion of Definition of Claim Investigation Costs has been extended to now include a third party claiming declaratory and/or other equitable relief against the Insured Definition of Covered Matters New definition Consistent with the inclusion of Section 11.3 Allocation a definition of Covered Matters has been added Definition of Employee (includes non-independent contractors, students & volunteers) Expansion and Employee now automatically includes: parties under a contract for service with the Insured (excluding independent contractors) and students and volunteer workers, who are under the Insured s direction, control and supervision Definition of Enquiry Clarification of Definition of Insured Amended definition Includes any legal or quasi legal enquiry including coronial enquiries conducted by a: regulatory, licensing or statutory body or a professional association into a matter (not excluded from Cover) arising directly out of the of Professional Services. Insured now includes the Policyholder and each person, firm or incorporated body identified in Sections 4.3 and 4.4 of the Policy Definition of Intellectual Property Expansion of Now includes including false attribution of authorship Definition of Period of Insurance New definition Period of Insurance is the period specified in the Schedule. CGU Professional Risks Professional Indemnity Insurance 5

6 13.20 Definition of Policyholder New definition Policyholder means: Each of the following, individually and jointly: a) each person, firm or incorporated body identified in the Schedule as The Policyholder and each Principal or Former Principal of any such firm or incorporated body; and b) any entity which is engaged in the of Professional Services and which is created and controlled, during the Period of Insurance, by anyone identified in the Schedule as The Policyholder ; and c) anyone who becomes a Principal of the The Policyholder identified in the Schedule, during the Period of Insurance Definition of Publicity Campaign Expansion of Consistent with the expansion of Cover by the inclusion of Section 3.11, a definition of Publicity Campaign has been included Definition of Schedule New definition A definition for Schedule has been added to the Policy Definition of Subsidiary Expansion of Consistent with the expansion of Cover by the inclusion of Section 4.3 e), a definition of Subsidiary has been added Uned Matters New definition Consistent with the inclusion of Section 11.3 Allocation, a definition of Uned Matters has been added. The description of the Cover provided by the Policy is a summary only. The Cover described is subject to specific terms, conditions and exclusions specified in the Policy and subject to underwriting terms and acceptance criteria. Contact details Adelaide 80 Flinders Street Adelaide SA 5000 Tel (08) Fax (08) Brisbane 189 Grey Street South Brisbane QLD 4101 Tel (07) Fax (07) Melbourne 181 William Street Melbourne VIC 3000 Tel (03) Fax (03) Perth 46 Colin Street West Perth WA 6005 Tel (08) Fax (08) Sydney 388 George Street Sydney NSW 2000 Tel (02) Fax (02) cgu.com.au PRR0057 REV3 3/13 CGU Insurance Limited ABN AFSL

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