The VMIA is a statutory authority, reporting through the Department of Treasury and Finance. It was established to provide insurance for state assets and to deliver risk management services to State departments and agencies.
We act as an insurer for, or provide insurance services to government clients such as departments, statutory authorities and agencies under our Government Program; public healthcare institutions under our Public Healthcare program; and a large number of community service organisations.
The VMIA’s principal source of revenue is paid by those organisations and covers almost $100 billion in State assets. Acting as the State’s captive insurer (or the State’s owned insurer), our coverage includes public and products liability; directors and officers liability; industrial special risks; marine cargo and hull; medical indemnity; motor vehicle; personal accident; professional indemnity; aviation; travel and fine art policies.
The VMIA insures risks such as:
- medical indemnity claims against public hospitals and their employees
- flood and fire damage to roads and bridges in Victoria’s national parks
- icons such as the Shrine of Remembrance, the State Library and Federation Square
- major public utilities such as the Westgate Bridge and the Melbourne Underground Rail Loop
- exhibitions such as many of those held at the Immigration Museum, Melbourne Museum and Scienceworks.
VMIA Government Program
The VMIA insures the majority of Victorian Government Departments and agencies. Economies of scale mean that we are able to offer premiums that are generally lower in cost than the commercial market. It also means that we are able to offer our clients a diverse range of products, some of which are difficult to obtain from commercial insurers.
VMIA Public Healthcare Program
This program provides a range of general insurances to Victoria’s public health system, including a variety of eligible healthcare agencies and cemetery trusts which are funded by the Department of Health.
Community service organisations
This program provides a range of insurances to Victoria’s eligible community service organisations. This includes entities funded by the Department of Human Services, Department of Education and Early Childhood Development, Department of Justice, Department of Health and Department of Planning and Community Development.
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