MACH Energy 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;
• 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 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

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.

• 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
• Must state Professional Indemnity
• Must be current
• If the policy does not list Professional Indemnity a Product Disclosure Statement (PDS) is required before escalation.
  
  • If PDS states Professional Indemnity coverage – 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 (no minimum amount required as this is set per contract)