Woolworths Business Rules | Company Business Rules | Insurances

• 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
• The minimum amount for Professional Indemnity Insurance is $10,000,000 AU
• 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 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 one of the accepted types a Product Disclosure Statement (PDS) is required before escalation.
  
  • If PDS states on of the accepted types – the insurance and PDS needs to be uploaded together for approval
  • If the PDS does not specify Professional Indemnity it will be escalated

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.

• 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 for a minimum of $10,000,000 AU)

• 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 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 in below table) 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

Note: Insurance types can be listed in the limit section of the policy.

Eg. Under the Class or description it may refer to General Liability however under the limit section if it refers specifically to an accetped type listed above this would be deemed acceptable.

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.

• 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 = 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

Accepted:

Limit of Liability:

• Public Liability $20,000,000
• Public & Products Liability $20,000,000
• Broadform Liability $20,000,000

Not Accepted:

Limit of Liability:

• Public Liability $10,000,000 Product Liability $10,000,000

• 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;
• Insurance must be current

• 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 = Type of of coverage
• Amount Description = Same as item
• Amount = as specified on policy

NOTE: This will be sent to site for approval