RENEWAL REVIEW FOR:

RENEWAL PERIOD:
30 April 2020 to 30 April 2021
PROGRESS:
Step 1 / 5

CONFIDENTIALITY NOTICE

This document is intended for the sole use of the addressee, is strictly confidential and contains information, which is confidential between the addressee and Austbrokers ABS Pty Ltd. The copying or distribution of this document or any information contained therein in any form or by means (electronic, mechanical, microcopying, photocopying, recording, verbal or otherwise) without the prior written consent of Austbrokers ABS Pty Ltd is prohibited.


PRIVACY NOTICE

Privacy legislation effective from the 21st December 2001 and amended 12th March 2014 regulates the way private sector organisations can collect, use, secure and discloses personal information.

Austbrokers ABS Pty Ltd, has developed a privacy policy which sets out the type of personal information we hold about you and what we do with that information. Please contact our office to obtain a copy of our Privacy Policy.

Full details of our privacy practices can be found in our Privacy Policy available on our website.

CHANGES TO YOUR BUSINESS ACTIVITIES

It is important that you advise Austbrokers ABS of any material alterations to the business or products as it could have a bearing on the adequacy of your Insurance Programme. We will approach the insurance market on your behalf on the basis of information provided to us. The insurers will assess the risk according to the information provided and will therefore offer their terms accordingly. Any variation of these details could lead to an uninsured loss if not adequately and correctly disclosed to the Insurers.

Please advise of any changes (such as additional activities which you may be involved in or any activities for which you are no longer involved) immediately to ensure accuracy of the information provided to insurers for the renewal of your insurance program.

Our experience shows that a disproportionate number of claims are denied by Insurers (particularly Public and Products Liability) because of inaccurate or misleading descriptions of the business shown in the policies. The following is an indication of the types of area where alterations may materially affect your coverage. This is not an exhaustive list but is designed merely to serve as a guide to those contingencies which should be notified to your Insurers.

  • Acquisition of new Companies and/or mergers in which you are involved in Australia or overseas;
  • Alterations, amendment to or disconnection of fire or burglary protection systems;
  • Contractual liabilities, including lease, hiring arrangements and the like;
  • Changes in process, occupancy, products or extension of business operations;
  • Granting of indemnities or hold-harmless agreements;
  • Hire, lease or borrowing of plant or equipment;
  • Increase in value of limits for buildings, plant, machinery and stock specified in the policies;
  • Personnel travelling overseas eg, accident or baggage insurance;
  • Removal of stock or equipment to new locations;
  • Purchase, construction or occupancy of new premises, alteration, vacancy, temporary unoccupancy, extension or demolition of existing premises;
  • Transit – eg changes in the means or terms of carriage or in the nature of goods carried;
  • Charter of aircraft or waterborne craft except for ordinary travel.

BUSINESS ACTIVITIES AND PRODUCTS
The CURRENT BUSINESS ACTIVITIES DESCRIPTION in terms of your insurance policies are stated as follows:
Do you require amendment to the above?

360 COMMERCIAL INSURANCE

INSURED:
Do you require amendment to the above?
INTERESTED PARTY:
Do you require amendment to the above?
ASSET PROTECTION
POLICY COVERAGE CURRENT VALUE UPDATED VALUE
Building/s
$
$
Contents including Stock in Trade
$
$
Property in Transit – limit per shipment
$
$
Flood – Combined Asset and Business Income
$
$
Theft
$
$
Breakdown of Equipment
$
$
Special Assets:
Do you require amendment to the above Special Assets?

360 COMMERCIAL INSURANCE

BUSINESS INCOME PROTECTION
POLICY COVERAGE CURRENT VALUE UPDATED VALUE
Period of Recovery (Indemnity Period)
ANNUAL GROSS PROFIT
$
$
Business Recovery Expenses - Limit (Additional Increased Costs of Working and Claims Preparation Expenses)
$
$
Accounts Receivable
Gross Rentals at 100%
CRIME PROTECTION
POLICY COVERAGE CURRENT VALUE UPDATED VALUE
Money & Securities – per occurrence
Limit
$
$
Limit for money conveyed by employees
$
$
Employee Theft – per occurrence
Limit
$
$
Limit in the aggregate for policy period
$
$
LIABILITY PROTECTION
POLICY COVERAGE CURRENT VALUE UPDATED VALUE
Liability Limit
any one occurrence and in the aggregate for the policy period in respect of liability arising out of or in connection with the insured products and/or pollution
$
$
Property in Care, Custody & Control
$
$
GENERAL INFORMATION
ATTRIBUTE CURRENT VALUE UPDATED VALUE
Turnover
$
$
Wages
$
$
Employee Numbers

LIABILITY

a)   Do you give advice to third parties?
b)   Do you expect to receive fees for such advice during 30/04/2020 –30/04/2021?
c)   If relevant, please provide an estimate of your fee income for 30/04/2020 – 30/04/2021.
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d)   Is it usual for such advice to be given?
e)   Are you aware of any incidents that have occurred which may give rise to a claim arising from poor advice given to third parties?
f)   Do you assume responsibility for property owned by others that exceeds $50,000?
g)   Do you assume responsibility for property owned by others that exceeds $50,000?
h)   Are there any incidents known that are likely to lead to a claim on insurance not as yet reported to your insurer?
i)   Do you engage in any agreements where you - Hold another party harmless / Assume another party’s liabilities or Waive any right of recovery/subrogation?
j)   Do you have an exposure to expenses relating to Product Recall event?
k)   Do you employ SUB-CONTRACTORS?
l)   Advise the approximate annual amount to be paid for SUB-CONTRACTORS personnel.
$

EXPOSURES AND INSURANCES AVAILABLE

PRIVATE PROPERTY
Loss or Damage to Boat and /or Caravan.
Loss or Damage to Home Building & Contents.
Loss of or damage to fine arts and curios whilst on display, exhibition or transit.
Damage to tenanted residential property.
Loss or Damage to Motor Vehicles.
Accidental Loss or Damage to Musical Instruments anywhere in the World.
ASSETS
Expenses due to unexpected tax audit.
Owned and/or chartered aircraft.
Damage to registered boilers by explosion, overheating, etc.
Covering loss due to non completion, defects and breach of statutory warranties.
Burglary or theft of property.
Loss of income and increased expenses due to damage to fixed assets.
Mechanical & electrical breakdown of computers and/or electronic equipment.
Loss or damage to projects during construction.
Loss or damage to construction plant and equipment.
Loss following insolvency of debtors.
Loss due to cyber breaches i.e. viruses, trojan horses, spyware, etc
Losses due to dishonesty of employees
Damage to assets caused by fire and nominated perils.
The covering of normally dry land by water that has escaped or been released from the normal confines of (a) any lake, or any river, creek or other natural watercourse, whether or not altered or modified; or (b) any reservoir, canal or dam.
Covers loss of or damage to defined property normally of a specialised nature which is not covered under a Fire / ISR policy.
Damage to fixed glass.
Damage to fixed assets.
Legal expenses incurred to defend patent, trademark, copyright.
Cover for mortality and/or injury to livestock and/or bloodstock.
Cost to repair following mechanical or electrical breakdown of plant and equipment.
Combined policy for a range of rural & domestic insurances, such as home & contents, farm property, legal liability, farm vehicles, etc.
Damage to goods while in transit.
Damage to ships/boats and related equipment.
Loss or damage to cash, cheques, etc.
Loss of or damage to registered vehicles.
Capital / Weekly Benefits as a result of injury or illness (limited period 104 weeks).
Costs following accident/illness whist travelling.

EXPOSURES AND INSURANCES AVAILABLE

LIABILITY
Damages following libel or slander.
Indemnity following a “wrongful act” committed by the directors or officers of a company.
Indemnity following defamation, sexual harassment, discrimination, libel or slander, etc.
Bodily injury/property damage following gradual pollution.
Personal accident, medical and repatriation exposures of your employees whilst seconded overseas.
Extension to warranty periods of products.
Variation of Workers Compensation benefits whilst employees are temporarily working elsewhere other than the state of employment.
Variation of Workers Compensation Scheme coverages, providing capital and weekly Benefits for employees and nominated persons injured whilst travelling to/from place of employment.
Monies paid following the kidnap of staff or threats to assets.
Indemnity for certain legal expenses following a “wrongful act” committed by the employees of the company (or the company).
Bodily injury/property damage arising from operation of vessels, carrier’s activities or ship-repair activities.
Bodily injury arising from registered vehicles.
Property damage arising from registered vehicles.
Bodily injury/property damage arising from products manufactured, imported or sold.
Expenses following product tampering or recall.
Breach of duty arising from the professional activities of the insured.
Bodily injury/property damage arising from business activities.
Damaged following mismanagement of superannuation funds by trustees.
Cover difference in conditions of various underlying liability policies.
Covers any volunteers including board members who are not paid remuneration for work performed.
Covering paid employees per the relevant state legislation.
FINANCIAL SERVICES
Financial loss following death, disablement or major illness of key personnel.
Protects company exposure / directors guarantees following death, disablement or major illness.
Providing funds for the cost of acquisition in the event of the death, disability or major illness of a business partner.
Provides replacement income protecting family and lifestyle in the event of sickness or accident.
Personal and company - funding for retirement including group insurance strategies.
Life, sickness & accident and trauma insurance to protect family and personal assets.

BUSINESS CONTINUITY

Section A
LIMIT OF LIABILITY (Any one loss) CURRENT VALUE AMENDED VALUE
Standard Benefit – Automatic for the Defined Insured Person
$
$
Business Overhead Expenses – any one policy period
$
$
Section B

You can elect to add a maximum of 4 additional named executives subuct to the conditions that they:

  • Must be a White Collar Worker,
  • Must be aged between 18 – 65 years,
  • Must work a minimum of 25 hours per week.
EXECUTIVE NAME TITLE LIMIT OF INDEMNITY
$
$
$
$
Have you had any insurance claims in the last 5 years?

Your renewal review was successfuly submitted, thank you for your time!

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