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| publicandproductsliability |
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| publicandproductsliability |
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Insurance.Liability.Public & Products | - 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 or download from ABR showing the linkage;
- Minimum amount of 20 million dollars Australian (Unless Contract Indicates otherwise) for any one occurrence; Coverage amount to be recorded;If less than 20 million (AUD) the policy is to be returned
- 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 then the 20,000,000 AUD amount - Insurance must be current
- If the company supplies a 'requires approval' policy type (as listed below) a Product Disclosure Statement (PDS) is required before escalation.
- If PDS states Public Liability coverage – the insurance and PDS needs to be uploaded together for approval
- If the PDS does not specify Public Liability it will be escalated
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Self Insurance IMPORTANT: Avetta staff click HERE for additional information
| Accepted Policy Types (Approved) | Requires Approval Policy Types (Escalation) | Not Accepted Policy Types (Return) |
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| Public Liability | IT Liability | Product Only Liability | | Public and Products Liability | Legal Liability |
| | Broadform Liability | Commercial Liability |
| | General Liability |
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| | Business Liability |
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| | Umbrella Liability |
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Self Insurance - If the company indicates 'Self Insured' = Letter to be uploaded from the governing body which has approved the self insurance;
please click on the following link to see the current list of approved Self Insured companies in Australia: http://www.srcc.gov.au/self_insurance/current_licensees.
IMPORTANT: Pegasus staff click HERE for additional information on this business rule before proceeding with Verification- 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 or Certificate Number = as specified on the Policy or Certificate.
- Item = Type of of coverage / policy (i.e. Public & Products Liability, Public Liability, Broadform Liability, General & Public Liability
- Amount Description = Same as item
- Amount = as specified on policy (must be minimum of 20 million AUD or equivalent)
NOTE: If total amount of policy is split between multiple policy numbers on the document, this should be escalated to site for approval
EG: Type of policy is Public Liability for 20 million AUD however in the policy number field of the document the primary is 10 million (With policy # ABC) and the excess is 10 million (With policy #DEF)
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NOTE: The type of policy can be listed in the 'liability limit' section of the policy (e.g. under the class or description it may refer to a policy type that 'requires approval' however under the limit or interest insured section if it refers specifically to an accepted type listed above this would be deemed acceptable. NOTE: If the policy is paid on a monthly basis, the document must show when the recent payment was made or when the next payment is due | - IMPORTANT: Avetta staff click HERE for additional information on this business rule before proceeding with Verification
- 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 or Certificate Number = as specified on the Policy or Certificate.
- Item = Type of of coverage / policy (i.e. Public & Products Liability, Public Liability, Broadform Liability, General & Public Liability
- Amount Description = The type of cover where its liability limit covers any one occurrence (e.g. if the limit of indemnity states $20M any one occurrence in respect of public liability AND in the aggregate in respect of the product liability, we will only record public liability as the amount description)
- Amount = as specified on policy (must be minimum of 20 million AUD or equivalent)
NOTE: If total amount of policy is split between multiple policy numbers on the document, this should be escalated to site for approval
EG: Type of policy is Public Liability for 20 million AUD however in the policy number field of the document the primary is 10 million (With policy # ABC) and the excess is 10 million (With policy #DEF)
| Accepted Amount Samples (Approved) | Not Accepted Amount Samples (Return) |
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| Public Liability = $20,000,000 (AUD) | Product Only Liability = $20,000,000 (AUD) | | Public & Products Liability = $20,000,000 (AUD) | Accepted / Approved Policy Types < $20,000,000 (AUD) | | Broadform Liability = $20,000,000 (AUD) | A policy where the minimum insured amount is split amongst different types of cover eg Products $10,000,000 (AUD) Public $10,000,000 (AUD) Total = $20,000,000 (AUD) | | General Liability = $20,000,000 (AUD) |
| | Business Liability = $20,000,000 (AUD) |
| | Umbrella Liability = $20,000,000 (AUD) |
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