Prize Indemnity Insurance Policy. Australia

Transcription

1 Prize Indemnity Insurance Policy Australia

2 THE INSURED IS REQUESTED TO READ THIS POLICY AND, IF IT IS INCORRECT, RETURN IT IMMEDIATELY TO THEIR BROKER OR AGENT FOR ALTERATION. Page 2 of 7

3 Prize Indemnity Insurance Policy Australia 1. INSURING CLAUSE 1.1. 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 This insurance is subject to the Excess stated in the Schedule which shall be retained by the Insured at their own risk and uninsured The Insurers' maximum liability shall not exceed the Limit of Indemnity or the Aggregate Limit of Indemnity, both as stated in the Schedule. 2. CONDITIONS PRECEDENT It is a Condition Precedent to any liability of Insurers that the Insured: 2.1. 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, 2.2. 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 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) has paid the premium due in accordance with the terms contained herein 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 shall observe and comply with all applicable laws, ordnances and regulations pertaining to the Risk Covered whether, where applicable, national, federal, state or local 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 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). Page 3 of 7

4 3. GENERAL CONDITIONS 3.1. 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 The Insured shall observe and fulfil the terms and conditions contained herein or endorsed hereon 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) The premium and any expense incurred in the formulation of a claim hereunder shall not be recoverable items Unless otherwise agreed to by Insurers this insurance is non-cancellable and there can be no return of premium unless otherwise stated in the Schedule 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 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 This insurance may not be assigned in whole or in part without the prior written consent of the insurer(s) 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 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. Page 4 of 7

5 3.15. 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 4. EXCLUSIONS This insurance does not cover any claims arising out of, contributed to by, or resulting from: 4.1. 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 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 (4.3.1 to 4.3.5) whether a party to this insurance or otherwise 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 any misrepresentation or concealment by the Insured fraud, infidelity or dishonesty by or in collusion with the Insured or any other party alterations to, or variance in, the conditions of the Risk Covered without the prior approval of Insurers erroneous printing or duplication. 5. CLAIMS PROCEDURE It is a Condition Precedent to the liability of Insurers for a claim that the Insured: 5.1. 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 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: (i) written confirmation that the Risk Covered was conducted in compliance with the terms, conditions, limitations and exclusions contained herein or endorsed hereon; and (ii) all documentation and records necessary to establish and assess indemnity hereunder. Page 5 of 7

6 5.1.2 forward immediately to the Insurers or their representatives any letter, writ or other document received in connection with any claim made under this insurance 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. 6. COMPLAINTS PROCEDURE This complaints and disputes resolution policy outlines how Beazley Underwriting Pty Ltd, ( we, our, us ), handles complaints in relation to the general insurance products we deal in and the services we provide. We strive to ensure that our service standards are in accordance with the General Insurance Code of Practice (the code) as it applies to our products and services. A copy of the code is located on the Insurance Council of Australia website at Our goal is to have satisfied, long-term policyholders by conducting our services in an honest, efficient, fair and transparent manner. If you think that we have let you down in any way or our service is less than you expected, including our sub-contracted services, let us know about your dissatisfaction so we can help. We have an Internal Dispute Resolution (IDR) process in place to handle and resolve such complaints in a fair, transparent and timely manner. In the unlikely event that a complaint is not resolved by using our IDR process, an appropriate and independent External Dispute Resolution (EDR) scheme will be made available to you, in accordance with your eligibility. We consider that these streamlined procedures will effectively handle your complaint: 6.1. Firstly we suggest you phone, fax, or mail our employee who handles your insurance matters and explain why you are dissatisfied and what you would like us to do to correct the situation. There will be no cost to you for us handling your complaint If our employee cannot satisfactorily resolve your complaint by the end of the following business day, our Operations Manager will be advised of the relevant details Our Operations Manager will contact you within 3 business days of you making your Complaint to formally acknowledge it and give you further helpful information. If you prefer, you may contact the Operations Manager in the first instance. Please see contact details later in your policy The Operations Manager may ask you for more relevant information necessary to deal with your complaint. The Operations Manager, and where appropriate, other member(s) of our IDR Panel who have the appropriate experience, knowledge and authority to handle your complaint, will only request and consider information relevant to your claim. Page 6 of 7

7 6.5. The Operations Manager will respond to your complaint in writing within 15 business days of you making your complaint, provided we have all the necessary information and have completed any investigation required In the event we need further information, assessment or investigation to enable us to deal with your complaint, we will agree a reasonable alternative timeframe with you. If we cannot agree on timeframes, we will treat the complaint as a dispute and explain how you can have the dispute heard by another party You will have access to information about you that we have relied on in assessing your complaint and an opportunity to correct any errors. If any errors are identified, we will correct them. In special circumstances e.g. when a claim is being or has been investigated, or as required by law, we may refuse to release the information to you but we will not do so unreasonably. We will give you reasons for our refusal, and upon request put them in writing We will keep you informed of the progress of our response to your complaint When we give you our response, we will also give you information about how it can be reviewed In the unlikely event that you tell us that our response does not resolve your complaint or you are dissatisfied about how we handled it, your complaint will be treated as a dispute: We will ask you to lodge the dispute with Lloyd s Australia and ensure you have information about that process. Lloyd s Australia will tell you if you are eligible to have the dispute heard by Lloyd s Australia or the complaints department at Lloyd s in London Lloyd s Australia will respond to your dispute within 15 business days unless further information or investigation is necessary in which case alternative timeframes will be agreed. Progress will be advised to you at least every 10 business days If you are dissatisfied with Lloyd s Australia s response and the dispute remains unresolved, Lloyd s Australia will refer you to the Financial Ombudsman Service in Australia (FOS); or the Financial Ombudsman Service (UK), in accordance with your eligibility. The following contact details will help you make your complaint or enable you to request further information: Beazley Underwriting Pty Ltd: In writing: Operations Manager Beazley Underwriting Pty Ltd Level 22, 215 Adelaide Street Brisbane QLD 4000 Telephone: Facsimile: Lloyd s Australia: Financial Ombudsman Service: or Free Call PCG1112v01 Page 7 of 7