The updated Liability Products Summary of key benefits

Transcription

1 The updated Liability Products Summary of key benefits August 2015

2 Broadform Liability Insurance SUMMARY OF KEY BENEFITS Broadform Liability insures businesses for their legal liability, for accidental injury to a third party or damage to their property. This policy covers the costs of meeting court judgments or out-of-court settlements, and any legal defence and investigation. AUTOMATIC POLICY EXTENSIONS KEY BENEFITS Benefit Benefit explained Extension limit Advertising Liability Business Travel to a Non-Territorial Country Goods Lifted or Carried by Crane Lost or Stolen Keys Service/Repair - Machinery Care, Custody or Control Covers the Insured for sums they become legally liable to pay in connection with the advertising of the Insured s products, goods or services. It also includes liability for libel or slander, infringement of copyright, unfair competition and invasion of privacy. Covers the Insured for their legal liability if the Insured is temporarily out of New Zealand for business purposes. Provided they are not a resident of those countries, and are not doing any physical work such as manufacturing. The Insured can attend meetings, conferences, and tradeshows outside of New Zealand knowing they are covered for their legal liability should an event occur in connection with the business. Cover is worldwide including North America. Covers the Insured for sums they become legally liable to pay for damage to third party property that is lifted, lowered or conveyed by any crane operated by the Insured. Covers damage to client s property whilst the Insured is lifting, lowering, or conveying it by crane, up to $250,000. Resultant damage is covered up to the policy limit, either under the insuring clause or under the automatic extension Vehicles / Mobile Mechanical Plant Liability. Covers costs reasonably and necessarily incurred by the Insured in altering or replacing locks and their keys or combinations, if these are lost, stolen or duplicated without proper authority. Provides service and repair cover for damage to any machinery that the Insured works on, with no exclusion for faulty workmanship. This means the part that the Insured worked on is covered, as well as the cost to repair or rectify the work. Covers the Insured for sums they become legally liable to pay for damage to third party property, while it is in the Insured s control or possession. Cover is available anywhere in the territorial limits and extends to include property rented, hired, or leased by the Insured, as well as employees property. The extension limit has increased from $250,000 to $500,000. $1,000,000 Cover is up to the policy limit. $250,000 Cover is up to the policy limit. (note: many Insurers have sub-limits for this cover). $250,000 $500,000 Forest and Rural Fires Act Covers the Insured for sums they become legally liable to pay under the Forest and Rural Fires Act $1,000,000 The extension limit has increased from $250,000 to $1,000,000.

3 Broadform Liability Insurance / SUMMARY OF KEY BENEFITS Benefit Benefit explained Extension limit Innkeepers Liability Covers the Insured for sums they become legally liable to pay for damage to property under the Innkeepers Act Cover is up to the policy limit. Service/Repair - Vehicle and Watercraft Vibration and Removal of Support Underground Services Liability The extension limit has increased from $250,000 up to the policy limit. Covers the Insured for sums they become legally liable to pay in relation to their service and repair of a vehicle or watercraft (up to 10 metres). Faulty workmanship exclusion does not apply to this automatic extension, the part that the Insured worked on is covered as well as the cost to repair or rectify the work. Sea trials following the servicing or repair of a watercraft are also covered. Covers the Insured for sums they become legally liable to pay for injury and/or damage occurring in New Zealand in connection with the vibration, removal or weakening of the support, or interference with the support, of land or buildings, provided the land or buildings are not owned or occupied by the Insured. The extension limit has been increased from $250,000 to $500,000. Covers the Insured for sums they become legally liable to pay arising from damage to underground cables, pipes and other underground facilities. There is no depth or activity limitation and provided that the Insured has complied with the conditions of the policy, they are insured up to the policy limit. The vehicle or watercraft that is repaired or serviced is covered up to $500,000. This limit is not aggregated. Resultant damage however is covered up to the policy limit. $500,000 Cover is to up the policy limit. The new policy also covers the following automatic policy extensions: Business Advice or Service Hot works Away from Your Premises Landlords Liability Product Withdrawal Costs Punitive or Exemplary Damages Tenant s Liability Vehicles/Mobile Mechanical Plant

4 Broadform Liability Insurance / SUMMARY OF KEY BENEFITS OPTIONAL POLICY EXTENSION KEY BENEFIT Benefit Benefit explained Extension Limit Property Being Worked On This optional policy extension provides cover for damage to third party property whilst the Insured is working on it. If the Insured adds this extension to their policy, it covers them if they accidently damage their client s property whilst working on it. Faulty workmanship exclusion does not apply to this extension. $100,000 OTHER - KEY BENEFITS Benefit Product Exposure Outside of Territorial Limits The Definition of you has been extended Benefit explained If the Insured is held legally liable for injury or damage arising from the products being sent outside the territorial limits (i.e New Zealand or any other country specified in the schedule), then the policy will respond in the event of a claim, so long as the products were sent without the Insured s knowledge. The Definition of you has been extended to include contractors or sub-contractors who are not otherwise insured, whilst they are engaged and working for the Insured in New Zealand on behalf of the business. If the Insured hires uninsured contractors or subcontractors to work on behalf of the business they are included under the Insured s policy. It also means that if the Insured hires contractors who are effectively employees they will also be included under the policy.

5 Statutory Liability Insurance SUMMARY OF KEY BENEFITS Statutory Liability Insurance protects businesses from fines, penalties or reparations for unintentional breaches of many Acts of parliament. KEY BENEFITS Benefit Defence Costs are in Addition Statutory Damages and Reparations Benefit explained Defence Costs are in addition to the sum Insured for fines, statutory damages and reparations. The sum Insured available for defence costs is the same amount as the limit for the fine, statutory damages and reparations. For example, where a sum Insured is $500,000, cover is also available in addition to that limit for Defence Costs up to $500,000. This extension provides cover for damages payable under the Privacy Act or Human Rights Act. It also extends to cover reparation ordered under Section 32 of the Sentencing Act These are civil payments rather than fines. The new policy also covers the following automatic policy extensions: Defence Costs if Acquitted Extended Reporting Period Mergers and Consolidations New Subsidiary Companies Official Investigations Previous Subsidiary Companies

6 Employers Liability Insurance SUMMARY OF KEY BENEFITS Employer Liability Insurance protects businesses from the potentially damaging costs of employee initiated civil claims for personal injury that are not covered by ACC. KEY BENEFITS Benefit Defence Costs are in Addition Benefit Explained Defence Costs are in addition to the sum Insured for damages/compensation for injury. The sum Insured available for defence costs is the same amount as the sum Insured for the damages/compensation. For example, where a sum Insured is $500,000, cover is also available in addition to that limit for Defence Costs up to $500,000. The new policy also covers the following automatic policy extensions: Continuous Cover Extended Reporting Period Mergers and Consolidations New Subsidiary Companies Pervious Subsidiary Companies