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| professionalindemnity |
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| professionalindemnity |
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| Professional Indemnity Insurance
| - Business Name needs to match. If it doesn't match, government certified evidence must be provided to link the business names together. This is ideally a letter or download from ABR showing the linkage
- Business Name and ABN needs to match. If it doesn't match, government certified evidence must be provided to link the ABN or business names together. This is ideally a letter a letter or download downloads from ABR showing the linkage
- Minimum coverage of AUS$5The minimum amount for Professional Indemnity Insurance is $10,000,000 (or equivalent in countries other than Australia). Where coverage of less than AUS$5,000,000 this will need to be approved by the contractors Site or Regional Risk ManagerAU
- If the policy amount is not in AUD a conversion at the time of processing is to completed to ensure the non AUD amount is greater than the 10,000,000 AUD amount
- Must be current
- Must state one of the accepted types as listed in the below table
- If the policy does not list Professional Indemnity / Liability or Errors and Omissions a list one of the accepted types a Product Disclosure Statement (PDS) is required before escalation.
- If PDS states Professional Indemnity or Errors and Omissions coverage on of the accepted types – the insurance and PDS needs to be uploaded together for approval
- If the PDS does not specify Professional Indemnity or Errors and Omissions it Indemnity it will be escalatedescalated
Accepted Types |
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- Professional IndemnityProfessional Liability
- Errors and Omissions
Professional Liability
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| - Issue Date = Start of coverage date listed on policy
- Expiry Date = Coverage end date listed on policy (If the policy is paid on a monthly
- basis the expiry will be set when the next payment is due)
- Insurer = Insurer will be listed in policy content
- Policy Number = as specified on the policy
- Item = Professional Indemnity
- Amount Description = Same as item
- Amount = as specific on policy (must be minimum of 5 million AUD or equivalent)
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