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  • Vero Liability - Additional Information
    Renewal Declaration Links Brokers Reinsurers Preferred Solicitors Suncorp Group Other Links Market Bulletins Glossary Home Products Specialty products Contaminated products Additional Information Contaminated products Additional Information Who is at risk Product contamination or extortion can happen to any manufacturer or retailer with those in the food and beverage tobacco cosmetics and pharmaceutical sectors being the most vulnerable The presence of E Coli bacteria in meat or shards of glass in containers are both risks faced by all companies in these sectors and regulatory inspections and assessments do not make a company s system foolproof Contamination as a result of a malicious act is an increasing problem with the motive being extortion idealism or simply a disgruntled employee seeking revenge Preparedness Effective management of product contamination risk involves two interrelated components Risk management well documented and frequently reviewed contingency strategies Up to date product recall crisis management plans improve the efficiency and control of any recall situation Insurance Risk transfer to minimise financial impact of a product recall The Cost Today public sensitivity to any contamination issue is high and with it comes an increased risk of serious financial loss to business The costs to a company following a real or

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_ContaminatedProducts_MoreInfo (2016-04-26)
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  • Vero Liability - Additional Information
    Statutory Liability Trustees Liability Claims Notification Procedure Notification Forms Claims Examples People Management Claims Underwriting Forms Proposals Policy wordings Renewal Declaration Links Brokers Reinsurers Preferred Solicitors Suncorp Group Other Links Market Bulletins Glossary Home Products Specialty products Defamation Additional Information Defamation Additional Information The range of occupations where defamation insurance is more likely to be useful includes radio stations television stations news agencies publishers of newspapers magazines periodicals and trade journals book publishers authors journalists To bring a successful defamation action a claimant will need to establish the following elements The statement must have been defamatory of you The statement must have been communicated to one or more people in other words there must have been publication There are a number of defences available to someone who is being sued for defamation including that the statement was true truth or justification that it was a statement of honest opinion on a matter of public interest honest opinion or fair comment or that the statement was privileged in some way The insurer will assume full management of the claim in consultation with legal advisers It may be requirement of the claim settlement for the insured to publish some form of retraction

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_Defamation_MoreInfo (2016-04-26)
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  • Vero Liability - Additional Information
    Declaration Links Brokers Reinsurers Preferred Solicitors Suncorp Group Other Links Market Bulletins Glossary Home Products Specialty products Prospectus Additional Information Prospectus Additional Information What is a Prospectus Raising capital whether through an Initial Public Offering or other avenue presents a company and its shareholders with a number of challenges and significant opportunities Expansion acquisitions and new product development are all reasons why companies look to raise new capital Prospectus are issued by companies in order to inform potential investors of an opportunity to either increase or take up a stake in a companies stock or share capital They are documents provided to investors on which they will base their decision on whether to invest or not Potential Liabilities Liability can arise in the following circumstances under common law contract or under various statutes Misrepresentation or incorrect or inaccurate information contained in the documents such as performance or profit forecasts Action taken by regulatory authorities in relation to a breach of Securities Legislation its rules regulations and procedures Underwriters to an issue may claim for perceived breach of warranties or undertakings contained in the underwriting placing agreement In recent times New Zealand has seen an alarming increase in the number of

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_Prospectus_MoreInfo (2016-04-26)
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  • Vero Liability - Additional Information
    Information Legislation and Controls The New Zealand Government has been involved in providing seed monitoring testing and varietal certification services but has never introduced any form of specialised seed legislation The designated authority for New Zealand is the Ministry of Agriculture Forestry MAF which requires all operators of seed cleaning premises who rely on any form of international government to government certification to be accredited and regularly audited The Difference

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_Seedsmens_MoreInfo (2016-04-26)
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  • Vero Liability - Additional Information
    Liability Claims Notification Procedure Notification Forms Claims Examples People Management Claims Underwriting Forms Proposals Policy wordings Renewal Declaration Links Brokers Reinsurers Preferred Solicitors Suncorp Group Other Links Market Bulletins Glossary Home Products Associations Liability Additional Information Associations Liability Additional Information A not for profit status is no protection against legal liability risks There is now much greater expectations of the proper performance of management and administration of any such body All types of sporting recreational professional industrial and charitable associations face risk exposures which in former time might have been in the domain of the corporate world Increasingly they are accountable for the quality of the services or advice they offer to their members and to the public The risks faced by an association are not limited to the association as an entity Individual officers or employees responsible for the governance administration and management of associations may find themselves held personally liable for their own actions or those of their colleagues In some situations they may be indemnified by the association but their personal assets may also be at risk The policy is therefore designed to protect the individual and the association As well as providing indemnity for the costs

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_AssociationsLiability_MoreInfo (2016-04-26)
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  • Vero Liability - Additional Information
    LawSafe Professional Indemnity Public Liability Specialty products Statutory Liability Trustees Liability Claims Notification Procedure Notification Forms Claims Examples People Management Claims Underwriting Forms Proposals Policy wordings Renewal Declaration Links Brokers Reinsurers Preferred Solicitors Suncorp Group Other Links Market Bulletins Glossary Home Products Consequential Loss Additional Information Consequential Loss Additional Information From a business continuity and financial perspective major liability claims can impact a business in a number of ways Executives can be tied up in court legal proceedings for weeks months or longer Premises and equipment may be taken out of commission The sale of products or services can be suspended Products or components can be withdrawn or even confiscated Competitors will seize the opportunity to realise an advantage Traditional liability policies such as Public and Products Employers and Statutory Liability only provide coverage for the costs associated with the defence of an action and any damages awards They do not indemnify the Insured for the consequential loss suffered by the Insured and its business A Liability Consequential Loss policy is particularly relevant in situations where a business is heavily reliant on one or very few customers or where competition in its operating environment is intense The addition of this

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_ConsLoss_MoreInfo (2016-04-26)
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  • Vero Liability - Frequently Asked Questions
    Directors The VL way Solvency Position Financial Strength Rating Products Associations Liability Consequential Loss Directors Officers Employers Liability Employment Disputes LawSafe Professional Indemnity Public Liability Specialty products Statutory Liability Trustees Liability Claims Notification Procedure Notification Forms Claims Examples People Management Claims Underwriting Forms Proposals Policy wordings Renewal Declaration Links Brokers Reinsurers Preferred Solicitors Suncorp Group Other Links Market Bulletins Glossary Home Products Consequential Loss Frequently Asked Questions Consequential Loss Frequently

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_ConsLoss_FAQS (2016-04-26)
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  • Vero Liability - Additional Information
    being able to instruct the board Exercises powers or duties with the board s approval Has been delegated duties by the board In summary the extended definition may include the following in certain circumstances Company executives whose advice is followed by the board Lawyers and accountants whose involvement in the company extends to more than just professional advice Executives employees or consultants to a company who have been delegated responsibilities by the board Shareholders to whom the constitution gives the authority to decide when powers will be exercised where those powers would otherwise be exercised by the board It is clear therefore that there is potentially a far more diverse group upon whom the duties and corresponding potential liability attaching to the role of director now fall Duties of Directors In recent years it has become clear that the roles of the company director have become increasingly onerous The Companies Act 1993 has greatly increased directors duties and responsibilities particularly with regard to acting in good faith honestly and for the benefit of the company Fundamental duties highlighted in the legislation and in recent cases relate to The avoidance of conflicts of interest Acting with care and diligence The mis use of information or position The avoidance of trading whilst insolvent Compliance with general accounting standards and rules Increased Regulation and Focus on Governance Directors face the prospect of litigation from many and varied sources including being personally sued by shareholders creditors competitors employees customers and members of the public Prosecution may be brought under a number of statutes including The Companies Act Commerce Act Securities Act Fair Trading Act Crimes Act and the Human Rights Act Legal actions may arise from Shareholders alleging negligent recommendations or public statement regarding takeovers or mismanagement of company assets Creditors alleging the improper

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_DirectorsAndOfficersLiability_MoreInfo (2016-04-26)
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