Professional & Financial Risks

Are highly technical types of insurance. In recent years the scope of cover and the number of insurers operating in this market segment, have narrowed significantly. It is very important that your broker is a specialist in this market with the knowledge and experience to negotiate not only preferential pricing but to make sure that cover is adequate for your needs. Types of cover include:

Professional Indemnity:

Covers legal liability to compensate third parties for loss sustained by them arising out of negligent acts, errors or omissions or civil liability on the part of the insured in the conduct of their business.

Management Liability:

We strongly recommend Management Liability Insurance for all Pty Ltd companies. Management Liability Insurance can protect against:

  • Directors’ & Officers’ Liability Insurance – protects the directors and officers against claims resulting from management decisions.
  • Employment Practices Insurance – protects the company, its directors, officers and employees from claims brought by current, past or prospective employees.
  • Crime Insurance – protects the company from direct losses resulting from employee theft and a number of other insuring clauses that protect the company from third party thefts.
  • Internet Liability Insurance – protects the company against traditional publishing related exposures created by the existence of a company website.
  • Statutory Liability – protects the company, executives and employees against claims resulting from the issuance of a Penalty notice to pay a pecuniary or administrative fine or penalty pursuant to an Act of parliament.
  • Miscellaneous Professional Indemnity – protects the company its directors, officers and employees from claims resulting from the professional service they have provided.
  • Trustees Liability Insurance – protects the company, management and employees involved in the management of the Superannuation Fund and the Funds themselves against losses.
  • Kidnap Ransom and Extortion Insurance – protects company from ransom and extortion payments as a result of a kidnapping or extortion threat.

Please contact our office should you require a quote or wish to discuss Management Liability Insurance in greater detail.

Medical Malpractice:

Covers insurance against claims that a health care providers were negligent, had failed to meet the acceptable standard of care owed to the patient, and thus had caused injury to the patient. This covers payments of compensation to claimants as well as associated legal expenses.

Superannuation Trustees Liability:

Covers trustees and trust managers of superannuation funds. Covers fiduciary legal liability to compensate third parties (including legal costs incurred) arising out of the negligent administration of the trust or fund.

Surety & Performance Bonds:

A surety bond is a contract of guarantee which has three parties:

  1. The surety or guarantee, ie the Insurance Company.
  2. The person who is to perform the subject matter of the bond, ie the
  3. The person in whose favor the bond is issued, ie the Owner or Obligee.

Under a bond, the surety undertakes to hold itself responsible up to the specified amount for the non performance or malperformance of an expressed obligation, ie the obligation of the Contractor.

Information Technology Liability:

Covers technology errors or omissions, technology media liability and technology broadform public and products liability.

Cyber Liability:

Cyber liability coverage can involve both first-party and third-party losses. First-party losses relate to the information in computer systems while third-party losses involve unauthorized use of or access to a company’ s computer network.

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