ESSENTIAL BUSINESS INSURANCE COVER POLICY RISK FACT
introducing FirstUnited FirstUnited is a leading insurance intermediary group operating in Malta and under Freedom of Services throughout the EU. We are one of the largest insurance brokers in Malta and have a clear approach to business which is based around trust, personal service and integrity. We believe that our experience, dedication and attitude to service are the most valuable assets we offer. We have a highly experienced and dedicated team of 40 insurance specialists that are committed to protecting and serving you. We pride ourselves that no matter how large or small your business is, we will work relentlessly to ensure you receive the highest levels of product and service excellence. We understand that fast service and efficient claims handling is essential to help give you the peace of mind to focus on your business. We offer a respected team of insurance professionals with many years of experience who aim to make the claims service we provide a key differentiator for choosing to work with us. We are confident that our industry knowledge of the local and international insurance markets can help you identify and conclude the most appropriate insurance solution for you and your business. contents 01. INTRODUCTION 02. PROFESSIONAL INDEMNITY INSURANCE 03. SIGNIFICANT FEATURES & BENEFITS 04. SIGNIFICANT EXCLUSIONS & LIMITATIONS 05. COMPLAINTS PROCEDURE Should you need further details or have any questions we will be delighted to help you. For customer service information contact us on 2131 9000 or insure@firstunited.com.mt 01
professional indemnity insurance Professionals may owe a duty of care to anybody who might reasonably rely upon the service or advice they have provided. In today s commercial world, clients expect high standards of service and are more inclined to resort to litigation when such standards have not been met. Professional Indemnity insurance covers your legal liability arising from your professional services in the event that a third party claims to have suffered a loss as a result of your professional negligence. Professional Indemnity insurance is designed to provide protection against such claims, providing an indemnity for damages which are awarded against your business, for legal costs in defending the claim and for costs that may be awarded against you should your defence prove unsuccessful. Any business or person who provides services such as advice, design, or offers their skills or knowledge in a professional capacity should consider Professional Indemnity insurance. In addition, some professions are required to hold Professional Indemnity insurance as a legal requirement or as a result of their professional authorisation. This includes investment services providers, financial advisers, insurance brokers, engineers and notaries. IMPORTANT: This document is only a summary of cover and does not contain the full terms and conditions of the contract of insurance. The full terms and conditions of cover can be found in the policy document. 02
significant features & benefits PROFESSIONAL INDEMNITY INSURANCE: Provides indemnity for losses arising from civil liability (including liability for claimant s costs and expenses incurred) arising in connection with your professional services including: breach of professional duty infringement of copyright or intellectual property rights breach of confidentiality defamation and other types of civil liability, unless specifically excluded. INSURED PERSON: Cover extends to include you, past and present partners (or members of limited liability partnerships), directors, employees and their personal representatives in the event of death, incapacity, insolvency or bankruptcy. FRAUD AND DISHONESTY: Covers liability of your business to any third party resulting from fraudulent or dishonest conduct of any employee unless condoned by a partner or director. LOST DOCUMENTS: Covers costs of replacing or restoring documents lost or damaged in transit or in your custody or control. COURT ATTENDANCE: Cover if attending court as a witness by any principal, partner, member, director or employee when defending a claim. MITIGATION: Covers costs incurred in remediating or mitigating a loss or potential loss that may otherwise result in a claim subject to specific requirements. SPECIALIST CONTRACTORS: Covers claims resulting from any wrongful act of your specialist consultants, designers or subcontractors engaged in the performance of your professional services. Cover applies provided that you have not waived or otherwise impaired any rights of recourse against such persons. JOINT VENTURES: Covers you against liability arising out of your professional services in respect of any joint venture, provided that you have previously declared to us all fees/ turnover received from any joint venture subject to specific requirements. AUTOMATIC ACQUISITIONS: Extends cover during the period of insurance to include another entity where you obtain control of the composition of the board of directors or more than half of the voting power; or a holding of more than half of the issued share capital subject to specific requirements. DEFENCE COSTS: Covers defence costs incurred with insurers prior written consent. INNOCENT NON DISCLOSURE CONDITION: Insurers will not exercise their rights to avoid the insurance cover for innocent non-disclosure or innocent misrepresentation. HEALTH & SAFETY LEGISLATION: Insurers will pay reasonable costs and expenses incurred with their written consent for defence of any proceedings first brought against you under the health & safety legislation by any regulatory or similar body. 03
significant exclusions & limitations CLAIMS MADE WORDING: The insurance covers claims first made against you, and/or circumstances that may lead to a claim, notified to insurers during the period of insurance. Claims or circumstances which might give rise to a claim must be notified to insurers as soon as reasonably possible and during the period of insurance. LIMIT OF LIABILITY: The limit of liability is specified in the Schedule and applies on any one claim basis. Defence Costs are typically payable in addition to the Limit of Liability. RETENTION: The insurance will be subject to a retention, which is the amount you must contribute towards the settlement of a claim. PRINCIPAL COVER EXCLUSIONS: Bodily injury/ property damage unless arising from an actual or alleged failure to achieve the legally required standard of care, diligence and expertise in performing your professional services. Contractual Liability except to the extent such liability would have attached to you in the absence of such contractual duty, term or agreement. Failure to make an accurate preassessment of the cost of performing your professional services. Claims which should be insured under other types of insurance such as Directors and Officers Liability, Employers Liability and Third Party Liability policies. Software, mechanical or electrical failure or telecommunications or satellite systems failure outside your direct control. Insolvency, liquidation, administration or receivership of your business. Manufacturing defect in any product. Previous claims or circumstances. Prior Acts (unless Retroactive Cover is purchased). Trading debt incurred or guarantee given by you for a debt. Claims brought in the United States of America or Canada. War or Terrorism. 04
OUR COMPLAINTS PROCEDURE: We want to provide a first class service. If you have any cause for complaint you should, in the first instance, contact the person who arranged the cover for you, or the Office Manager. If you remain dissatisfied with the response, we will refer your complaint to our Compliance Manager for a separate review. They will notify you once they receive your complaint and will provide you with a final response when they have completed their inquiries. If we are unable to resolve your complaint to your satisfaction within 8 weeks, or if we have provided you with a final decision letter, you may be able to refer your complaint to the Malta Financial Services Authority. Following the Complaints Procedure does not affect your legal rights. HOW WE WILL USE YOUR DATA: FirstUnited holds data in accordance with the Data Protection Act. It may be necessary for us to pass data to other organisations that supply products and services associated with your contract of insurance. If you give us false or inaccurate information and we suspect fraud, we will record this and the information will be available to other organisations that have access to the database(s). www.firstunited.com.mt FirstUnited Insurance Brokers Limited 25, Villa Eden Princess Elizabeth Street Ta Xbiex XBX 1103 Tel: 00 356 2131 9000 Email: insure@firstunited.com.mt FirstUnited Insurance Brokers is a member of the Malta Insurance Brokers Association FirstUnited Insurance Brokers Limited is authorised and regulated by the Malta Financial Services Authority and this can be checked by visiting the MFSA s web site at www.mfsa.com.mt Our Company Registration Number is C 22502 designed to deliver