Our Services
Professional Risks Package
This Professional Risks package is underwritten by Vero Liability Insurance Limited, New Zealand’s only specialist liability insurer.
This exclusive Vero Liability package, which offers five liabilities policies in one at an attractively-priced premium, gives complete peace of mind to real estate agents and salespeople working in an increasingly litigious and complex environment.
Professional Risks Package:
These five policies in the package are:
1. Professional Indemnity
2. Work Lawsafe
3. Public Liability
4. Employers Liability
5. Statutory Liability
Professional Indemnity
The Policy
Professional Indemnity Insurance provides protection for businesses and professional persons in respect of legal liability arising from the conduct of their practice or business.
Specifically coverage is provided for:
Settlements by or judgements against the business and/or professional person arising out negligent advice or services.
Legal costs and expenses associated with the defence of legal action.
Extensions to the basic coverage provided are provided for:
Defamation
Liability arising from a previous business or occupation
Loss of Documents
Breach of Confidentiality
Automatic Reinstatement of Policy Limits
Liability or loss through dishonesty by employees
Who is Protected
Coverage is provided to The Insured as declared in respect of:
Its own negligence.
The negligence of its predecessors in the business.
The negligence of its employees and contractors.
The negligence of any person, partnership, company or firm acting on its behalf.
Work Lawsafe
The policy covers personal liability of an individual which arises whilst engaged in the performances of their work duties.
Cover provided includes:
Liability under Statute, eg, Health and Safety in Employment Act, Resource Management Act.
Criminal offences.
Serious traffic offences.
Public Liability
The Policy
Public Liability policies provide business with protection against claims for compensation in respect of unexpected and unintended personal injury or property damage for which they may be legally liable arising out of their business activities.
The definitions of "Personal Injury" and "Property Damage" are broad. "Personal Injury" extends beyond actual bodily injury to mental injury and defamation. "Property Damage" includes either loss of or damage to tangible property and loss of use of tangible property which is undamaged.
In addition, the policy provides for the costs of defending these claims in court, as well as any necessary investigations or negotiations.
Coverage examples are:
Damage to property in the Insured’s care, custody or control (subject to a sub limit of liability).
Damage to leased premises.
Exemplary damages.
Liability assumed by agreement.
Liability under the Forests and Rural Fires legislation.
Who is Protected
Coverage is provided to the named insured and extends automatically to any:
Subsidiary.
Organisations controlled and actively managed.
Director, employee, partner or shareholder of the Insured, in that capacity.
Person or organisation to whom the Insured has promised to arrange insurance.
Social or sporting club formed with the Insured’s consent.
New organisation which the Insured acquires and notifies to us.
Employers Liability
The Policy
The Employers Liability policy provides protection to employers for:
Settlements or damages payable (including exemplary damages) in respect of claims for personal injury to employees suffered in the course of their employment and not covered by accident compensation.
The costs incurred in defending or settling these claims, including any prosecution, inquiry or investigation.
The costs incurred in defending allegations of a breach of the Health and Safety in Employment Act 1992.
Reparation awards made by a Court following a prosecution under the Health and Safety in Employment Act 1992 and amendments.
Who is Protected
Coverage is provided to:
The Employer Company and any subsidiary company as declared.
Any officer which includes a director, trustee, manager or employee in that capacity, in respect of any allegation of a breach of the Health and Safety in Employment Act 1992.
Statutory Liability
The Policy
The Statutory Liability policy provides protection to businesses for:
Defence costs associated with alleged breaches of the Fair Trading Act, Consumer Guarantees Act, Building Act, Privacy Act and most other statutes affecting commercial activities. The notable exceptions are police prosecutions and taxation legislation.
The costs of representation at an investigation or inquiry.
Any fine or cash penalty payable by the insured following conviction for an offence under the insured statutes, except under the Health & Safety in Employment Act.
Who is Protected
The policy protects the interests of the:
Company, including any declared subsidiary, for its own liability.
Company, by way of reimbursement to the extent that the company has directly indemnified any officer as it was legally obliged or permitted to do so.
Officers, which includes directors, trustees, managers and employees, in that capacity, to the extent that the company has not directly indemnified them.
This Professional Risks package is underwritten by Vero Liability Insurance Limited, New Zealand’s only specialist liability insurer.
This exclusive Vero Liability package, which offers five liabilities policies in one at an attractively-priced premium, gives complete peace of mind to real estate agents and salespeople working in an increasingly litigious and complex environment
