NCIG Business Rules | Insurances and ASIC

Insurance.Professional Indemnity.Cert of Currency

• Certificate of currency with the following details:
  Name of insurer
  Policy Number
  Expiry Date
  Sum Insured
• Company name and ABN must match the details registered in Onsite Track Easy.

• We can accept ‘PTY LTD’ or ‘(Pty) Ltd’  in lieu of ‘Proprietary Limited’ when this is the only difference in the company name between what’s shown on company compliance paperwork verse what’s shown in onsite.

• No minimum amount
• Please record certificate validity dates as per document
• If the premium is paid monthly, the certificate of currency is only valid for that month. They will need to update monthly.

Insurance.Liability.Public & Product

• Umbrella Agreements are not accepted
• Must detail:
  Start Date
  End Date
  Insurer
  Policy
  Amount
  Restrictions/condition
• Company name and ABN must match the details registered in Onsite Track Easy.

• We can accept ‘PTY LTD’ or ‘(Pty) Ltd’  in lieu of ‘Proprietary Limited’ when this is the only difference in the company name between what’s shown on company compliance paperwork verse what’s shown in onsite.

• If a certificates states a company name and ‘its subsidiaries’ then this is ok to accept, please add to the business rule for future reference

• The actual public liability amount must meet or exceed AUS$20,000,000
• Please record certificate validity dates as per document
• If the premium is paid monthly, the certificate of currency is only valid for that month. They will need to update monthly.

• Accepted:
  Public Liability
  Public and Products Liability
  Broad form Liability
  General Liability

• Requires Approval:
  Business Liability
  Legal Liability
  Umbrella Liability

• Not accepted:
  IT Liability
  Product Only

• If a policy is submitted and refers to the liability cover under another name (as mentioned in the table above, under “REQUIRES APPROVAL”), we will need to request from the company an excerpt of the policy which explains what the insurance policy covers where it is not called “public liability”.

• If the document is not one of the “ACCEPTED” forms of Public Liability types, it must be referred to NCIG for approval.

• All accepted Public Liability policies must be a minimum of 20 million dollars Australian, or equivalent in US Dollars or Euro, for any one occurrence.
• If the amount shown on the document is not listed as an Australian Dollar amount (e.g. US or EURO), use a currency converter to check the amount - if the conversion at the verification processing time meets the required Australian Dollar amount the document can be approved.  In the Comment Field please enter the confirmation that the currency converter process has been completed e.g. ‘Currency Converted and meets the AUD minimum amount required’.

Example of unacceptable insurances:

• Product Liability -  $20,000,000
• Public Liability Policies under $20,000,000
• A Policy where the minimum insured amount is split amongst the different types of cover
  E.g. Products Liability $10,000,000 and Public Liability $10,000,000 = $20,000,000.

Examples of acceptable insurances:

• Limit of Liability
• Public Liability                                                               $20,000,000
• Public & Products Liability for any one occurrence       $20,000,000
• Broadform Liability                                                         $20,000,000