The Life of PI How I learned to stop worrying and start loving insurance! 18 October 2013
The life of PI (professional indemnity)
Dec 01, 2014
There are things you must have in life and things that would be nice. PI (Professional Indemnity Insurance) is both; as an Owners Corporation Manager you are obligated to have it covered, yet even if you didn't it wouldn't make good business sense to leave home without it.
But just why is it so important and when will it come through for you? This presentation looks at the effects of a claim on a business, its brand, personal wellbeing and the exposure of business assets.
But just why is it so important and when will it come through for you? This presentation looks at the effects of a claim on a business, its brand, personal wellbeing and the exposure of business assets.
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Transcript
The Life of PIHow I learned to stop worrying and start loving insurance!
18 October 2013
Strata Management can be risky business!
“Professional indemnity insurance protects professionals against claims of negligence made against them by a client.
This type of insurance is available to professionals across a range of industries and covers the costs and expenses of defending a legal claim, as well as any damages payable.”
Source: Business Victoria http://www.business.vic.gov.au/operating-a-business/how-to-start/insurance/professional-indemnity
Professional Indemnity Insurance
Professional Indemnity Insurance
• Claims Made
• Retroactive Date
• Errors and Omissions
• Bodily Injury
Professional Indemnity Insurance
• Who is insured?
• What about Subbies?
• What about Tradies?
• What is a circumstance and why is reporting it important?
Professional Indemnity Insurance
• Who can claim against you?
• Who can lodge a claim on your policy?
• Some examples of recent claims
Professional Indemnity Insurance
• Director Fraud
• Deliberate act
• Circumstances not notified
The really, really important questions
• Who here has Professional Indemnity Insurance?
• Who has Public Liability Insurance?
• Who has Management Liability Insurance?
• Who has Cyber Risk Insurance?
Public Liability Insurance
• Negligence resulting in:• Damage to Property• Injury to a Third Party
• Meetings• Are you covered?
• Do we need it?
Management Liability Insurance
• Statutory Liability
• Occupational Health & Safety
• Pollution
• Directors & Officers Insurance
• Employment Practices Liability
• Fidelity (additional)
• Tax Audit
Cyber Crime Insurance
• Hackers
• Who will tell your clients?
• Loss of Profits
• Privacy Act
Thank you!
Need more information or a quote?
Contact Holger Schnabel
Ph: (03) 8646 0235
Email: [email protected]
Please note: The contained information is general advice only. It is not intended to take the place of professional advice. Before acting on this information you should consider the appropriateness of this advice to your particular objectives, needs and financial objectives. Proprietor: Whitbread Associates Pty Ltd ABN 69 005 490 228 AFSL 229 092 trading as Whitbread Insurance Brokers
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