Peabody Business Rules | Company | Insurances

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

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 is shown on company compliance paperwork verse what’s shown in onsite.

Include list / schedule of vehicles covered if applicable or an umbrella policy covering all motor vehicles registered under that company name.

Accepted types: Motor Vehicle, CTP, Comprehensive, Motor Fleet, Third Party Property

Must be minimum 10 million (AUD) coverage for 3^rd Party Liability / Legal Liability / 3^rd Party Property - Minimum not required for comprehensive.

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

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 = As specified on policy <accepted type> Motor Vehicle Insurance

Amount Description = As specified on policy <3^rdParty Liability / Legal Liability / 3^rd Party Property> EXCEPT amount not required for Comprehensive

Amount = as per policy (minimum of 10 million AUD) EXCEPT amount not required for Comprehensive

 Personal Accident, Injury & Sickness

• Individual name on policy to match the name registered in the system
• There is no minimum amount for Income Protection and the amount does not need to be recorded
• Must be current

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

• 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 = Income Protection or Accident and Sickness as specified on the policy
• Amount Description = not required
• Amount = not required

Plant and Machinery 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

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 is shown on company compliance paperwork verse what is shown in onsite.

Must display Mobile Plant and Equipment OR  Industrial Special Risk (ISR) OR  Industrial Special Plant (ISP)  as the type

Amount = not required - No minimum or maximum amount required

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

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)

Item = Plant and Machinery or ISR (Industrial Special Risk)

Amount Description = not required

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

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 is shown on company compliance paperwork verse what is shown in onsite.

Must be a minimum amount of $1,000,000 or greater where specified in contract.

Must state Professional Indemnity

The certificate must be dated in the last 12 months and must evidence dates of insurance cover for the current date

Self-Insurance

If the company indicates 'Self Insured' = Signed letter to be uploaded from the contracting partner. This will be escalated to consider the financial creditworthiness of the contracting partner and the risk profile of the contract.

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

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

Amount Description = Same as item

Amount = Must be a minimum amount of $1,000,000 or greater where specified in contract.

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

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 is shown on company compliance paperwork verse what is shown in onsite.

If a certificate states a company name and ‘its subsidiaries’ then this is ok to accept where the contracting partner is listed on the certificate

The actual public liability amount must meet or exceed AUS$20,000,000

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’.

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.

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

• 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 = Must be a minimum amount of $20,000,000 or greater