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  • Vero Liability - Frequently Asked Questions
    Links Market Bulletins Glossary Home Products Directors Officers Frequently Asked Questions Directors Officers Frequently Asked Questions Why doesn t a Directors Officers Liability policy provide coverage for Professional Liability exposures D O policies are designed to protect individuals for claims arising out of the management stewardship of the company Professional Indemnity policies contemplate the trading risk of the organisation arising out of the provision of services to customers What information other than a fully completed insurance proposal is required in order for the insurer to determine premium and scope of coverage Insurers will generally require copies of the last two annual reports and the latest interim financial statements A copy of the business profile and a statement of future business plans is also helpful in order for the insurer to gain a full appreciation of the exposure Particular attention is paid to past profit performance liquidity and the relationship between assets and liabilities How does a Discovery Clause operate Should renewal of the policy be refused by the insurer then the insured has the option to purchase for an additional premium an additional period of 12 months coverage during which they can report any claim which arises out of a

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_DirectorsAndOfficersLiability_FAQS (2016-04-26)
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  • Vero Liability - Additional Information
    unless there has been a physical injury leaving persons with the opportunity to now sue without restriction where they have suffered nervous shock or distress in the absence of physical injury Workplace Accidents as defined by the 1992 Act An accident is deemed to have occurred for which compensation is available in the following circumstances A specific event or series of events involving the application of a force or resistance external to the human body and resulting in personal injury but does not include a gradual process The inhalation of or oral ingestion of any solid liquid gas or foreign object on a specific occasion Any exposure to the elements or extremities of temperature or environment within a defined period of time not exceeding one month causing disability and lasting for a continuous period of more than one month or death Any burn or exposure to radiation or rays of any kind on a specific occasion that is not a burn or exposure caused by exposure to the elements The absorption of any chemical through the skin within a defined period of time not exceeding one month Common Law Exposures for Employers Mental anguish in the absence of physical injury Food poisoning Injury caused by a gradual process disease or infection caused by passive smoking and air conditioning systems for example Heart attack or stroke caused by stress Nervous shock or fright Stress and or fatigue Health and Safety in the Workplace The Health and Safety in Employment Act 1992 is now more than a decade old and during this period a significant number of employers and businesses have had experience in dealing with the Occupational Safety and Health Service in relation to workplace accidents Legal costs and ultimately fines have been the result for many and with the introduction

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_EmployersLiability_MoreInfo (2016-04-26)
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  • Vero Liability - Additional Information
    Policy wordings Renewal Declaration Links Brokers Reinsurers Preferred Solicitors Suncorp Group Other Links Market Bulletins Glossary Home Products Employment Disputes Additional Information Employment Disputes Additional Information A Challenging Environment for Employers Recent History has seen a number of changes in employment law which have and will continue to challenge even the most careful employers The Employment Relations Act 2000 has provided the opportunity for unions to monopolise the collective agreement negotiating process and regain their right of access to employers The Legislation The new legislation has provided for the establishment of a mediation service and an investigative body known as the Employment Relations Authority ERA The ERA is not a court but an entity with wide ranging decision making powers It can determine for itself the scope of its inquiry and can direct its investigation in whichever direction it sees fit including direct questioning of the parties and witnesses The Act expressly states that reinstatements shall be the primary remedy in personal grievance actions for unjustified dismissal however this could be difficult in practice given that the employment relationship has inevitably soured as a result of a successful grievance claiming unjustified dismissal Fines and penalties apply for breaches of the

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_EmploymentDispute_MoreInfo (2016-04-26)
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  • Vero Liability - Frequently Asked Questions
    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 Employment Disputes Frequently Asked Questions Employment Disputes Frequently Asked Questions Do I have to consult a lawyer prior to taking action against an employee Yes You will not have cover where you have acted without taking legal advice from a practitioner in employment law first approved by us Are the costs incurred in consulting an advisor prior to the discipline of an employee covered No These costs would normally form part of the company s human resource staffing budget What should be reported as a claim Any circumstance that could give rise to an employment dispute including for example The intention to institute redundancy procedures or discussions Investigation by the Human Rights Commission or Privacy Commissioner Allegations concerning harassment sexual or otherwise Proposals to make major changes to employment arrangements Institution of disciplinary investigations Concerns about competence or performance on which you propose to take action Any contact from the Mediation Service OR receipt of

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_EmploymentDispute_FAQS (2016-04-26)
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  • Vero Liability - Additional Information
    Market Bulletins Glossary Home Products Professional Indemnity Additional Information Professional Indemnity Additional Information The past 20 years have seen professionals become increasingly aware of accountability for their actions and practitioners ranging from doctors lawyers accountants engineers and architects through to insurance brokers and real estate agents have recognised the need for this specialist insurance protection As a result of this increased accountability any professional person providing advice or services faces

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_ProfessionalIndemnity_MoreInfo (2016-04-26)
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  • Vero Liability - Frequently Asked Questions
    policy Most civil liability policies do however contain a greater number of exclusions so the benefits over a standard negligence form are considered minimal What is the difference between a Costs Inclusive and a Costs Exclusive excess Costs Inclusive The excess applies to the aggregate of damages defence costs and penalties if insured Costs Exclusive The cost of defence is paid in full by Insurers regardless of any excess provision What does Run Off Coverage mean Run Off coverage applies where a company ceases to trade sells its assets or merges with another entity The policy provides coverage specifically for any acts occurring prior to the date on which the company entity ceased trading sold its assets or merged It is common also where individual directors of companies or partners of professional firms have retired or relinquished their positions What does the term Vicarious Liability mean This occurs where liability is imposed on one person for the wrongful acts of another An example of this is an employee of a company providing negligent advice on its behalf The legal basis being that a principal is liable for the acts of its agents Do Professional Indemnity policies provide coverage for claims alleging the non payment of trading debts No This is considered a risk of conducting business not associated with the provision of professional services What is meant by Retroactive Coverage and Retroactive Date A Professional Indemnity policy may provide coverage for negligent acts committed prior to the policy inception date provided they are not known to the insured at the time of policy commencement and are notified as soon as possible within the policy period The retroactive date is the date in the past beyond which acts committed by the insured will not be indemnified by the insurer For example

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_ProfessionalIndemnity_FAQS (2016-04-26)
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  • Vero Liability - Additional Information
    damages even though our highest courts have repeatedly stated that these awards are intended to punish outrageous conduct are limited to exceptional circumstances and are not available to supplement a perceived shortfall in the statutory compensation regime These judicial comments have helped to ensure that exemplary damages although often claimed are rarely awarded and to ensure that any award is modest and reflects a sense of proportion with contemporary standards and attitudes to money and its purchasing power Consumer Legislation Changes to consumer law in 1993 saw the Sale of Goods Act supplemented and in a number of respects overshadowed by the Consumer Guarantees Act which considerably enlarged the scope for actions to be taken in respect of property damage and economic loss caused by defective or substandard products or services The Act gives domestic consumers an enforceable guarantee that goods will be of acceptable quality The Consumer Guarantees Act 1993 considerably enlarged the scope for actions to be taken in respect of property damage and economic loss caused by defective or substandard products or services This statutory regime of increased trading accountability has had and will continue to have implications for small and large business enterprises alike The Australian Situation The Australian litigation environment has been changing at a rapid pace in recent years and these changes are having a profound impact on the incidence and cost of liability claims The attitude of society in relation to claims for injury is that if something happens someone pays Class actions in the courts are becoming commonplace Changes to regulations covering the legal profession have led to a more active pursuit of class and other large scale group actions since the early nineties Promotion of a no win no pay system of remuneration and aggressive advertising by the legal profession has also contributed to the situation Strict liability based on the European community system applies in respect of actions involving defective products The Trade Practices Act Fair Trading and other consumer legislation have contributed to new causes of action where there are limited grounds of defence and where contractual exclusions or limitations of liability are unenforceable The level of awards whether they be the outcome of a simple slip and fall accident or a more complex product liability issue are ballooning particularly in the state of New South Wales Australia s litigation environment is now considered more akin to that of the United States Trade in the Asia Pacific Region The contributions of countries within the Asia Pacific region are becoming of greater significance in the global economy Most countries have been experiencing rapid economic development and some are only just beginning to recognise the need to address consumer protection and the legal liability of manufacturers and sellers of defective products Increasing trade within the region and the diversity of laws presents numerous new challenges to New Zealand manufacturers importers and exporters They will increasingly need to become familiar with not only the bases of liability in the Asia Pacific jurisdictions

    Original URL path: http://www.legaledge.co.nz/dirvz/liability/liability.nsf/Content/Products_PublicLiability_MoreInfo (2016-04-26)
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  • Vero Liability - Frequently Asked Questions
    personal injury or property damage caused by the sudden and accidental discharge or release of pollutants Claims for personal injury or property damage arising from the gradual release over a continuous period of time including the costs of clean up and or mitigation costs may be more appropriately insured under a specific Environmental Impairment Insurance policy Do Public Liability policies provide coverage for actions brought by employees No Such policies contemplate claims by parties other than anyone employed by or in the service of the Insured Protection for claims for bodily injury made by employees can be obtained under an Employers liability policy Do Public Liability policies provide coverage for the costs associated with the recovery repair and or replacement of faulty or damaged products No The policy provides coverage for third party injury damage losses only as a result of the supply of the products A Product Guarantee or Recall Expense policy will be required should the Insured wish to insure its own losses Why do Insurers require details of the clients contractual position with customers and suppliers One of the areas that can improve the acceptability of risk for insurers is limitation of liability by contract If the client can demonstrate that they have restricted their liability contractually then this will generate benefits both for the insured in respect of premium savings and for the insurer in respect of any claim payment Insurers are particularly interested in whether hold harmless agreements have been entered into or indemnities given to suppliers as these can ultimately have the effect of limiting the insurers right of recourse against other parties responsible for the loss What information other than a fully completed insurance proposal is required in order for the insurer to determine premium and scope of coverage Where the proposer is

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