Prize Indemnity Policy Wording

Transcription

1 Prize Indemnity Policy Wording v12.15

2 Pen Underwriting Pty Ltd ABN AFSL Our name comes from the expression to pass the pen. It reflects what we do and what we bring to the insurance industry specialist expertise and quality underwriting. We strive to exceed the expectations of brokers by providing professional and flexible solutions for their clients risks across a wide range of major and boutique general insurance products. Contents 1. Important Information 1 2. Insuring Clause 2 3. Conditions Precedent 2 4. General Conditions 2 5. Exclusions 3 6. Claims Procedure 3 Level 9, 60 Edward St Brisbane Qld 4000 GPO Box 541 Brisbane Qld 4001 Contact Details: Current as at December 2015 BRISBANE P: F: Level 3, 333 Collins St Melbourne Vic 3000 PO Box 230 Collins St West Vic 8007 Level 19, 347 Kent St Sydney NSW 2000 GPO Box 4431 Sydney NSW 2001 MELBOURNE P: F: SYDNEY P: F: E: info@penunderwriting.com W:

3 1. Important Information 1.1 This Policy This Policy is an important document and should be kept in a safe place. Please read it carefully so that you understand the insurance provided. 1.2 Your duty of disclosure Before you enter into an insurance contract, you have a duty to tell us anything that you know, or could reasonably be expected to know, may affect our decision to insure you and on what terms. You have this duty until we agree to insure you. You have the same duty before you renew, extend, vary or reinstate an insurance contract. You do not need to tell us anything that: reduces the risk we insure you for; or is common knowledge; or we know or should know as an insurer; or we waive your duty to tell us about. If you do not tell us something If you do not tell us anything you are required to, we may cancel your contract or reduce the amount we will pay you if you make a claim, or both. If your failure to tell us is fraudulent, we may refuse to pay a claim and treat the contract as if it never existed. 1.3 Privacy Pen Underwriting handles your personal information with care and in accordance with the Privacy Act 1988 and the Australian Privacy Principles. We collect personal information about you to provide you with insurance and insurance related services. We may disclose your personal information to third parties for the purposes described in our Privacy Policy, including related entities, insurers, reinsurers, agents and service providers, some of whom may be located in the United Kingdom and India. By asking us to provide you with insurance and insurance related services, you consent to the collection, use and disclosure (including overseas disclosure) of your personal information for the purposes described in our Privacy Policy. Where you provide personal information about others, you represent to us that you have made them aware of that disclosure and of our Privacy Policy and that you have obtained their consent. If you do not consent to provide us with the personal information that we request, or withdraw your consent to the use and disclosure of your personal information at any stage, we may not be able to offer you the products or provide the services that you seek. For information about how to access and or correct the personal information we hold about you or if you have any concerns or complaints, ask us for a copy of our Privacy Policy or visit GST The Premium includes an amount for GST. Underwriters liability to indemnify the Insured under this Policy is calculated less any Input Tax Credit to which the Insured is entitled for any relevant Acquisition, or to which the Insured would have been entitled had it made a relevant Acquisition. The Insured must inform Underwriters of the extent to which it is entitled to an Input Tax Credit for that GST, and any GST liability arising from the Insured s provision of incorrect advice is payable by the Insured. GST, Input Tax Credit and Acquisition have the meaning given to those words in A New Tax System (Goods and Services Tax) Act Complaints Handling If you are dissatisfied with a decision Pen Underwriting makes, our service, the service of others we appoint to discuss insurance matters with you, or a claim settlement, we have an internal dispute resolution process to assist you. For further information, ask for a copy of our Complaints and Disputes Resolution Policy or visit General Insurance Code of Practice Pen Underwriting and Underwriters at Lloyd s proudly support the General Insurance Code of Practice. The Code commits general insurers to uphold high standards of service and practice. A copy of the Code can be obtained from us upon request or from Australian Terrorism Insurance Act The Underwriters have treated this insurance (or part of it) as an insurance to which the Australian Terrorism Insurance Act 2003 (ATIA) applies. ATIA and the supporting regulations made under the Act deem cover into certain policies and provide that the Terrorism Exclusion to which this Policy is subject shall not apply to any eligible terrorism loss as defined in ATIA. Any coverage established by ATIA is only in respect of any eligible terrorism loss resulting from a terrorist act which is a declared terrorist incident as defined in ATIA. The Terrorism Exclusion to which this Policy is subject applies in full force and effect to any other loss and any act or event that is not a declared terrorist incident. All other terms, conditions, insurance coverage and Exclusions of this Policy including applicable limits and excesses remain unchanged. If any or all of the Underwriters have reinsured this Policy with the Australian Reinsurance Pool Corporation, then any such Underwriters will not be liable for any amounts for which they are not responsible under the terms of ATIA due to the application of a reduction percentage as defined in ATIA which results in a cap on the Underwriter s liability for payment for eligible terrorism losses. 1.8 Further Information Your insurance broker has arranged this insurance on your behalf. If you have any questions or need further information concerning your insurance, you should contact your insurance broker to assist you with your enquiry. You should direct all of your correspondence to us through your insurance broker as he is your agent for this insurance. 1.9 Agreement In consideration of the payment of the Premium and in reliance on the contents of the Proposal, Page 1

4 Underwriters will indemnify the Insured in accordance with the terms of this Policy. 2. Insuring Clause 2.1 Subject always to the terms, conditions, limitations and exclusions contained herein or endorsed hereon, insurers will indemnify the Insured against loss as stated in Risk Covered in the Schedule attached hereto sustained or incurred during the Period of Insurance. 2.2 This insurance is subject to the Excess stated in the Schedule which shall be retained by the Insured at their own risk and uninsured. 2.3 The insurers' maximum liability shall not exceed the Limit of Indemnity or the Aggregate Limit of Indemnity, both as stated in the Schedule. 3. Conditions Precedent It is a Condition Precedent to any liability of insurers that the Insured: 3.1 has truthfully declared all Material Facts having made all necessary enquiries to establish those facts. Material Facts means those facts which are likely to influence a prudent insurer in determining: whether or not to accept the Risk Covered or any subsequent amendment; the premium; or the conditions, exclusions and limitations, 3.2 has declared that all information contained in the Proposal Form or supplied to support such proposal or other application for this insurance is in all respects true and complete and unchanged at the inception of this insurance. Further the Insured accepts that all such information is material, such items form the basis of this insurance and are incorporated herein. 3.3 has no knowledge at the policy inception date, of any undisclosed matter, fact or circumstance, actual or threatened that increases or could increase the possibility of a claim under this insurance beyond that declared to and agreed by the insurer(s). 3.4 has paid the premium due in accordance with the terms contained herein. 3.5 has a legal liability to pay a third party upon the happening of the contingency as stated under Risk Covered in the Schedule for which insurance coverage is provided herein. 3.6 shall observe and comply with all applicable laws, ordnances and regulations pertaining to the Risk Covered whether, where applicable, national, federal, state or local. 3.7 shall ensure that all necessary contractual arrangements pertaining to the Risk Covered are made and confirmed in writing with the Insured and that all necessary authorisations (which for the avoidance of doubt shall include, but not be limited to, the obtaining of licenses, permits, visas, copyrights and patents) be obtained in a timely manner and valid for the Risk Covered. 3.8 shall ensure that the identity of the insurer(s) is not disclosed by the Insured to any third party without the prior written consent of insurer(s). 4. General Conditions 4.1 This Policy and Schedule and information supplied to support any proposal and any other statement in writing shall be read together as one contract and any word or expression to which a specific meaning has been attached in any part of this Policy, Schedule or any other statement in writing shall bear such meaning wherever it may appear. 4.2 The Insured shall observe and fulfil the terms and conditions contained herein or endorsed hereon. 4.3 The Insured shall not effect any other insurance in respect of the Risk Covered as stated in the Schedule without the prior written approval of the insurer(s). 4.4 The premium and any expense incurred in the formulation of a claim hereunder shall not be recoverable items. 4.5 Unless otherwise agreed to by the insurer(s) this insurance is non-cancellable and there can be no return of premium unless otherwise stated in the Schedule. 4.6 The insurers reserve the right to pursue an action for recovery from any party, whether before or after payment of a claim, at their sole discretion and in the name of the Insured or otherwise. In the event of any payment under this insurance, the insurers shall be subrogated to the extent of such payment to all the Insured's rights of recovery and the Insured shall execute all papers required and shall do everything that may be necessary to secure such rights. 4.7 No suit shall be brought upon this insurance unless the Insured has complied with all the provisions of this insurance and has commenced suit within twelve months after the claim occurs. 4.8 This insurance may not be assigned in whole or in part without the prior written consent of the insurer(s). 4.9 If the premium specified in the Schedule is subject to adjustment, the Insured shall maintain all records necessary to enable the premium to be adjusted on the basis specified in the Schedule and shall at all reasonable times permit the insurers or their duly appointed representatives to examine and verify such records. At the end of each period specified in the Schedule and at the expiry of this Policy the Insured shall declare to the insurers such information to enable the premium adjustment to be calculated and pay to the insurers any additional premium due If the Loss Payee is other than the Insured, all claim payments due under the terms and conditions of this insurance shall be made Page 2

5 payable to the party(ies) detailed in the Schedule as Loss Payee(s). Payment of such claims by the insurers to the Loss Payee(s) shall be a sufficient and complete discharge of all of the insurers' obligations to the Insured and Loss Payee(s) in connection with said claims The Insured agrees to reimburse insurer(s) in full to the extent that sums received from insurers and payable by the Insured to third parties are subsequently recovered or recoverable by the Insured Any savings following adjustment of a claim and salvage or recoveries as a result of a claim payable under this insurance shall accrue to the benefit of insurers Unless the Insured requested and the insurers agreed otherwise in writing, this insurance is mutually agreed to be governed and construed in accordance with the laws of Australia whose courts shall have exclusive jurisdiction Directors, Officers and Employees of the Insured and / or any other Company / person(s) in a position to manipulate the outcome of the Risk Covered shall be ineligible for any payment from insurers associated with the Risk Covered The Insured shall at all times act with care, diligence and in a prudent manner so as to neither aggravate any loss nor increase the possibility of loss beyond that which, but for such failure to so act, might otherwise have been sustained or incurred under this insurance 5. Exclusions This insurance does not cover any claims arising out of, contributed to by, or resulting from: 5.1 the Insured's lack of care, diligence or prudent behaviour, the result of which could increase the possibility of a claim under this insurance beyond that previously declared to and agreed by insurers. 5.2 any contractual breach or dispute by the Insured or any party contracted to the Insured withdrawal, insufficiency or lack of finance howsoever caused; the financial failure of any venture; lack of or inadequate receipts, sales or profits of any venture; variations in the rate of exchange, rate of interest or stability of any currency; or financial default, insolvency, or failure to pay of any person, corporation or entity; all (5.3.1 to 5.3.5) whether a party to this insurance or otherwise. 5.4 any happening which is insured by or would, but for the existence of this insurance, be insured by any other insurance(s) except for any excess beyond the amount which would have been payable under such other insurance(s) had this insurance not been effected. 5.5 any misrepresentation or concealment by the Insured. 5.6 fraud, infidelity or dishonesty by or in collusion with the Insured or any other party. 5.7 alterations to, or variance in, the conditions of the Risk Covered without the prior approval of insurers. 5.8 erroneous printing or duplication. 6. Claims Procedure It is a Condition Precedent to the liability of insurers for a claim that the Insured: 6.1 shall, in the event of any claim, confirm the facts to the insurer(s) in writing as soon as possible, with all the information that is available. 6.2 shall not misrepresent or conceal facts in the making of a claim. Before the insurer(s) have an obligation to pay a claim under this insurance, the Insured shall: prove the loss to insurers or their representatives in order to substantiate the occurrence, nature, cause and amount of loss claimed under this insurance. Proof of loss must include, but may not be limited to, the following information: written confirmation that the Risk Covered was conducted in compliance with the terms, conditions, limitations and exclusions contained herein or endorsed hereon; and all documentation and records necessary to establish and assess indemnity hereunder forward immediately to the insurers or their representatives any letter, writ or other document received in connection with any claim made under this insurance. 6.4 as often as may be reasonably required submit to examination under oath on all matters connected with a claim, by any person named by the Insurers at such reasonable time and place as may be designated by the insurers or their representatives. So far as is in their power the Insured shall cause their employees and all other persons interested in the Risk Covered to comply with the foregoing. No such examination under oath or examination of books or documents, nor any other act of the insurers or their representatives in connection with any investigation hereunder, shall be deemed a waiver of any defence which the insurers might otherwise have. All such examinations and acts shall be deemed to have been made or done without prejudice to the insurers liability. Page 3