SPECIMEN. Excess of Loss Public and Products Liability Insurance. Policy. Zurich Global Corporate UK

Transcription

1 SPECIMEN Excess of Loss Public and Products Liability Insurance Policy Zurich Global Corporate UK

2 Company title Policy year: Policy number: Please read this Policy and Schedule carefully. If they do not meet your needs please return them to us or your broker or agent. This is a legal document and should be kept in a safe place. Signed: Dated: Zurich Global Corporate UK for and on behalf of Zurich Insurance Company UK Branch ( The Underwriters ) This Policy is underwritten by Zurich Insurance Company, a limited company incorporated in Switzerland, registered in the canton of Zurich, No 3.749, UK branch registered in England No BR105 UK Head Office: Zurich House, Stanhope Road, Portsmouth, PO1 1DU. Zurich Insurance Company is authorised and regulated by the Financial Services Authority Zurich 11/2006 Excess of Loss Public and Products liability.doc 2 of.12

3 Contents Schedule 5 Interpretation Clause 6 Operative Clause 6 Definitions 6 Costs Clause 7 Step Down Clause 8 Exclusions 8 Conditions 9 Our complaints procedure 10 Operative & Endorsements 11 Zurich 11/2006 Excess of Loss Public and Products liability.doc 3 of 12

4 Welcome to Zurich Thank you for taking your insurance out with us and welcome to Zurich Global Corporate UK. As part of Zurich Financial Services Group, one of the world s largest insurance and financial services providers, we are able to provide innovative insurance solutions, products and services tailored to customers domestic and international needs through an integrated global platform. Our global network enables us to operate across national, regional and functional boundaries. We provide our customers with the benefit of our international expertise and detailed local knowledge. At Zurich we believe in working closely with our customers and look forward to continue working with you. Zurich 11/2006 Excess of Loss Public and Products liability.doc 4 of 12

5 Schedule Policy Number The insured Business As described by Primary Policy Policy Period From to both days inclusive ending at midnight local standard time and any subsequent period for which Zurich accepts payment for the renewal of this Policy Premium Insurance Premium Tax as levied by H.M Government Total Payable Limits of Indemnity In excess of the Underlying Limits of Indemnity Underlying Limits of Indemnity Underlying Policy(ies): Primary Policy Number Issued by Limits of Indemnity Excess Polices Number Issued by Limits of Indemnity Signed: Dated: Zurich Global Corporate UK Ltd for and on behalf of Zurich Insurance Company UK Branch ( The Underwriters ) Zurich 11/2006 Excess of Loss Public and Products liability.doc 5 of 12

6 Interpretation Clause Any word or expression to which a specific meaning has been attached in any part of the Policy shall bear such meaning wherever it may appear. Any information provided in connection with a proposal made to Zurich Insurance Company ( the Insurer ) shall be incorporated into the contract. Operative Clause The Insurer will indemnify the Insured subject to the Limits of Indemnity and the terms contained in this Policy or in any endorsement to this Policy. The Insured has paid or has agreed to pay the premium stated in the Schedule as consideration for the indemnity provided by this Policy. The indemnity provided by this Policy is in accordance with the terms exceptions and conditions of the Primary Policy (excepting the Primary Policy limits of indemnity or premium or any renewal agreement). This Policy shall run concurrently with the Primary Policy and any other Underlying Policy which will remain in force (including by operation of the Step Down Clause). No amendment to the Primary Policy terms for which the Primary Insurers require an additional premium or impose a deductible excess or self insured retention shall be effective under this Policy Insurer shall not be liable to indemnify the Insured: (i) unless the Ultimate Net Loss exceeds the Underlying Limits of Indemnity and (ii) a) unless the Underlying Insurers shall have admitted liability for the Underlying Limits of Indemnity or b) unless and until the Insured is by final judgement adjudged liable to pay an amount which exceeds the Underlying Limits of Indemnity and then only after the Underlying Insurers have paid or have been held liable to pay the full amount of the Underlying Limits of Indemnity No settlement of a loss by agreement shall be effected for a sum in excess of the Underlying Limits of Indemnity without the written consent of the Insurer. Definitions 1 Policy shall mean this entire document including the Clauses Conditions Definitions and Schedule and any Endorsements issued for attachment to the Policy 2 Insured shall mean the Insured stated in the Schedule 3 Primary Policy shall mean the Primary Policy stated in the Schedule 4 Underlying Policy shall mean (i) the Primary Policy stated in the Schedule and (ii) all Policies stated in the Schedule providing indemnity in excess of the Primary Policy up to the Underlying Limits of Indemnity specified in the Schedule 5 Primary Insurers shall mean the insurers issuing the Primary Policy as stated in the Schedule 6 Underlying Insurers shall mean: (i) the insurers issuing the Primary Policy stated in the Schedule and (ii) the insurers issuing any underlying excess policy stated in the Schedule providing indemnity in excess of the Primary Policy up to the Underlying Limits of Indemnity specified in the Schedule Zurich 11/2006 Excess of Loss Public and Products liability.doc 6 of 12

7 7 Costs and Expenses shall mean costs and expenses as expressed in the Primary Policy and stated as payable thereunder in addition to the Primary Policy limits of indemnity as stated in the Schedule 8 Ultimate Net Loss shall mean the total sum payable by the Insured in settlement of any claim or claims which are the subject of indemnity under this Policy after making proper deduction from the total sum payable for all recoveries salvages and other insurances (excluding the Underlying Policy) whether recovered or not and shall exclude all Costs and Expenses 9 Limits of Indemnity of this Policy shall mean the maximum amounts payable under this Policy in respect of the Insured's legal liability to pay compensation or damages and the Limits of Indemnity include all Costs and Expenses incurred in connection with the Insured's legal liability insured by the Primary Policy except to the extent to which the Primary Policy pays for Costs and Expenses in addition to the Primary Policy limits of indemnity in respect of claims for compensation or damages Where a limit of indemnity provided by the Primary Policy is unlimited in the aggregate then the indemnity provided by this Policy shall similarly be unlimited in the aggregate Where a limit of indemnity provided by the Primary Policy is in the aggregate during any period of insurance then the indemnity provided by this Policy shall similarly be in the aggregate during any period of insurance 10 Underlying Limits of Indemnity shall mean the total of the Underlying Policy limits of indemnity stated in the Schedule. Costs Clause a) If the Underlying Insurers have invoked a Right to pay the Underlying Limits of Indemnity and are only liable for Costs and Expenses for which they are responsible up to the time of such payment then the Insurer shall be liable for further Costs and Expenses for which the Insurer by written consent may agree to pay and for which the Underlying Insurers would have been liable had they not invoked such right b) In the event of a claim or claims for which there is indemnity under this Policy then provided: (i) the Primary Policy indemnifies the Insured for Cost and Expenses and (ii) the Insurer has given written consent to incur Costs and Expenses under this Policy the Insurer will pay a proportion of such Costs and Expenses in the ratio that the amount of indemnity payable under this Policy (excluding Costs and Expenses) bears to the total sum payable by the Insured (excluding Costs and Expenses) in the settlement of such claim or claims after making proper deduction for all recoveries and salvages whether recovered or not. Step Down Clause If an aggregate limit of indemnity of the Underlying Policy is partially or totally exhausted by reason of claims paid or payable by Underlying Insurers and for which indemnity is provided under this Policy the Insurer will subject to the terms conditions and exceptions of the Primary Policy in the event of: a) partial exhaustion pay the excess of the reduced Underlying Limits of Indemnity b) total exhaustion continue this Policy in force as the Underlying Policy subject to the terms conditions and exceptions of the Primary Policy and provided this Policy shall only pay excess of any deductible or self insured retention shown in the Underlying Policy for the remainder of the period of insurance stated in the Schedule. Subject always to the Limit of Indemnity and terms contained herein or endorsed hereon It is agreed that in the event of partial or total exhaustion of an Underlying Policy aggregate limit of indemnity by reason of a claim or claims outside the scope of the indemnity provided by this Policy then such claim or claims will be deemed not to have exhausted the aggregate limit of indemnity of the Underlying Policy for the purpose of this Policy. Zurich 11/2006 Excess of Loss Public and Products liability.doc 7 of 12

8 Exclusions The Insurer shall not be liable under this Policy in respect of any liability of whatsoever nature directly or indirectly caused by, in connection with or contributed to by or arising from: 1 any liability for any amount in respect of: a) liquidated damages, fines or penalties; b) punitive or exemplary damages or multiplication of awards. 2 a) asbestos, including products installations or premises containing asbestos material; b) urea formaldehyde; c) silicon based human implants; d) loss caused by HIV or illness thereby induced (e.g. AIDS); e) contraceptives and RU 486; f) human biological materials including extracts thereof (e.g. blood, plasma, plasmaproteins, immunoglobulins, cells, tissue, organs, urine, excretions, etc.); g) genetically modified seeds or organisms; h) vaccines; i) application or use of polychlorinated biphenyls including polychlorinated biphenyl generated dibenyofurans and dioxins; j) tobacco and tobacco related products; k) the manufacture or supply of all pharmaceutical active ingredients including medical implants. 3 the existence, emission or discharge of any electromagnetic field, electromagnetic radiation or electromagnetism that actually or allegedly affects the health, safety or condition of any person or the environment, or that affects the value, marketability, condition or use of any property. 4 a) the manufacture in or supply to the United States of America or Canada of: (i) any alcohol products; (ii) firearms; (iii) any product containing or made of latex; (iv) welding rod products; b) (i) Silica; (ii) a) the actual, alleged or threatened inhalation of, ingestion of, contact with, exposure to, existence of, or presence of any: (i) Fungi or Bacteria; or (ii) substance, vapour or gas produced by or arising out of any Fungi or Bacteria. b) the costs or expenses arising out of the abating, testing for, monitoring, cleaning up, removing, containing, treating, detoxifying, neutralizing, remediating or disposing of, or in any way responding to, or assessing the effects of, Fungi or Bacteria, by the Insured or by any other person or entity. in the United States of America or Canada The term Silica shall mean any form of crystalline or non-crystalline (amorphous) silica compounds, silica dust or silica mixed or combined with dust or other particles; or synthetic silica, including precipitated silica, silica gel, pyrogenic or fumed silica or silica-flour. The term Fungi shall mean any type or form of fungus, including mould or mildew and any mycotoxins, Spores, scents or byproducts produced or released by Fungi. Zurich 11/2006 Excess of Loss Public and Products liability.doc 8 of 12

9 The term Spores shall mean reproductive bodies produced by or arising out of Fungi. The term Bacteria shall mean any type or form of bacteria and any materials or substances that are produced or released by bacteria. 5 or in connection with the Insured s use of or reliance upon or sale or supply of any computer hardware or related Information Technology or communication system, any computer software, Internet, Intranet, Website or similar facility, system or network and/or any electronic data or related information. 6 directors and officers liability insurances covering wrongful acts committed or attempted by directors or officers of an insured company. The term wrongful act shall mean any actual or alleged error or mis-statement or misleading statement or omission or neglect or breach of duty by the directors and officers in the discharge of their duties individually or collectively claimed against them solely by reason of their being directors or officers of the company. Conditions 1 If any Underlying Insurers invoke their right or indicate an intention to invoke their right to pay their policy limit of indemnity and relinquish control of any claim then every claim notice letter writ or process or other documents served on the Insured in connection with such event shall be notified or forwarded to the Insurer immediately upon receipt. In all other circumstances copies of any claim notice letter writ or process or other documents should be provided to the Insurer as soon as the Insured becomes aware that the total amount being claimed against the Insured exceeds 50% of the Underlying Limits of Indemnity whether an aggregate limit or otherwise. 2 If at the time of any claim there is or would but for the existence of this Policy be any other insurance except the Underlying Policy or any excess of loss policy specifically stated to be in excess of this Policy applicable to such claim the Insurer shall not be liable under this Policy except to the extent of any excess beyond the amount payable under such other insurance had this Policy not been effected. 3 If other valid and collectible insurance applies to a loss that is also covered by this Policy, this Policy will apply excess of the other insurance. However, this provision will not apply if the other insurance is specifically written to be excess of this Policy 4 The Insured or the Insurer shall have the right to cancel this Policy in accordance with the cancellation provisions of the Primary Policy(ies). 5 A person who is not a party to this Policy has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Policy but this does not affect any right or remedy of a third party which exists or is available apart from that Act. 6 The Insurers obligations under this Policy are several and not joint and are limited solely to the extent of their subscription. Zurich are not responsible for the subscription of any of the co-insuring Insurers who for any reason do not satisfy all or part of their obligations. Zurich 11/2006 Excess of Loss Public and Products liability.doc 9 of 12

10 Our complaints procedure Zurich is committed to providing a high level of service to all its customers. However, if you have any cause for complaint you should in the first instance, contact either your broker or us directly. If the matter is not resolved to your satisfaction, please contact the Chief Underwriting Officer. You can telephone Or write to: Chief Underwriting Officer Zurich Global Corporate UK Ltd London Underwriting Centre 3 Minster Court Mincing Lane London EC3R 7DD If you are still not satisfied, please contact the Managing Director s Office. You can telephone Or write to: Managing Director Zurich Global Corporate UK Ltd London Underwriting Centre 3 Minster Court Mincing Lane London EC3R 7DD A member of the Managing Director s Office will respond to your complaint and offer resolution wherever possible. Written complaints will be acknowledged within one working day of receipt. If after four weeks you have had no contact, a letter of explanation will be issue. If you are still not happy with the way we have dealt with your complaint you may be eligible to have your case reviewed by the Financial Ombudsman Service. This is a free and impartial service available to businesses, with a turnover of 1 million ( 1.5 million**) or less. You can telephone: or enquiries@financial-ombudsman.org.uk Or write to: Financial Ombudsman Service South Quay Plaza 183 Marsh Wall London E14 9SR You are entitled to refer to the Financial Ombudsman Service at any stage of your complaint. Your legal rights are unaffected. **At an exchange rate of 1GBP = 1.5 Eur. Zurich 11/2006 Excess of Loss Public and Products liability.doc 10 of 12

11 Operative Endorsements These Endorsements are subject otherwise to the terms exceptions and conditions of this Policy and are incorporated in and form part of the Policy Endorsement No. 1 Any reference to the Insurer in this Policy shall mean the insurers specified in this Endorsement Insurers Proportion Reference Zurich Insurance Company xxx xxx. Zurich 11/2006 Excess of Loss Public and Products liability.doc 11 of 12

12 Excess of Loss Public and Products liability.doc (11/06) TR Zurich Global Corporate UK London Underwriting Centre, 3 Minster Court, Mincing Lane, London EC3R 7DD, England Zurich Global Corporate UK is a trading name for the following companies: Zurich Insurance Company* A limited company incorporated in Switzerland. Registered in the canton of Zurich No. CH UK Branch registered in England and Wales No. BR105. Registered Office: Mythenquai 2, 8022 Zurich, Switzerland. Head Office in the UK: Zurich House, Stanhope Road, Portsmouth, Hants PO1 1DU Zurich Insurance Ireland Limited** A limited company incorporated in the Republic of Ireland Registered No UK Branch registered in England and Wales No. BR7985. Registered Office: Eagle Star House, Ballsbridge Park, Dublin 4. Head Office in the UK: London Underwriting Centre, 3 Minster Court, Mincing Lane, London EC3R 7DD *Authorised and regulated by the Financial Services Authority **Authorised and regulated by the Irish Financial Services Regulatory Authority and regulated by the Financial Services Authority for the conduct of UK business