Directors’ and Officers’ Insurance Upgrade

Now a single policy for all clients, the VMIA’s Directors and Officers insurance policy has been enhanced to include additional benefits and more consistent coverage across our client base.

For our General Government Program client base enhancements to the policy are summarised in the attached information flyer and include:

• An expanded definition of ‘Public Body’, ‘Participating Body’ and ‘Officer’ to include subsidiary companies and staff serving on external boards at the direction of their organisation
• Extended cover for ‘outside directorships’ and ‘spouses’
• Automatic inclusion of employment practices liability cover
• Advance payment of defence costs up to final adjudication
• Automatic cover for pollution liability (subject to limits)
• Protection of freedom, assets and reputation
• Automatic run-off cover for entities that may merge or cease to exist
• World-wide cover (where permitted by law).

A product flyer, a 'Declaration of know circumstances form' and the 2009-2010 policy wording is attached.

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VMIA Policy Wordings 2009/10

Policy wordings for 30 June 2009 to 30 June 2010 are posted in the table below. If you require copies of policy wordings for previous years,please contact your Client Relationship Manager.

The Insurance Master Policy Wording documents are available for download below.

Summary descriptions of the majority of VMIA policies are located toward the bottom of this page.

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EmRePSS Summary & Tasking Agencies

The following policies relate only to the tasking agencies participating in the Emergency Resource Providers Support Scheme (EmRePSS)

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EmRePSS Insurance Cover 2009/10

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Summaries of Cover

The following summaries describe the nature of the majority of insurance covers provided by VMIA to its client base. For information on other policies not covered here contact your Client Relationship Manager.

Industrial Special Risks

Provides cover for property damage and resulting interruption to business of the insured. Cover can be provided to assets that are owned or for which a client has assumed responsibility.

Excluded property includes motor vehicles, watercraft in excess of 8 metres, aircraft, rolling stock, livestock and trees/crops.

Excluded perils include terrorism, war, wear and tear, erosion or subsidence, failure of computers or any electronic equipment (loss of data).

Damaged property may be reinstated, replaced or repaired.

Public and Products Liability

Provides cover for an entities legal liability arising out of injury to Persons (death, sickness, disease) or damage to property. The product liability aspect provides cover for liabilities arising out of the supply of goods. The cover includes payment to a third party in compensation for the injury to persons or property and for the reasonable costs incurred in the defence of a claim.

The policy provides cover for the insured entity and any of its representatives including employees, volunteers and Board members.

Major exclusions include workers compensation injuries, motor vehicle third party injuries, gradual pollution and damage to property owned by the insured.

Professional Indemnity

Provides cover for an entities legal liabilities arising out of:

• a breach of professional duty

• act, error or omission

• misleading or deceptive conduct

• libel, slander, defamation

Liabilities include financial losses suffered by third parties as a result of advice given by the insured. Cover also extends to personal injury and property damage arising out of inadequate design (e.g a bridge collapsing due to poor design rather than poor installation).

Directors & Officers

Provides cover for legal liabilities of individuals acting as a director or officer of an organisation in relation to a civil or criminal claim. It covers defence costs for civil claims and for criminal cases arising out of civil claims. It does not cover:

• criminal fines and penalties.

• dishonest, fraudulent, criminal or malicious acts

• the organisation

Principal Controlled Contract Works

Provides material damage and liability cover during construction/installation/erection of new assets, or the refurbishment/upgrade of existing assets. Cover is provided for all parties to the contract – the principal, contractors and subcontractors and any other parties by agreement.

Why buy this cover?

• Certainty and adequacy of cover for all parties

• Each party is considered a separate insured

• Reduced disputes in the event of a claim

• Pool purchasing allows for economies of scale

Personal Accident

Provides cover for injury or death to voluntary workers whilst engaged in voluntary work on behalf of the Insured. The cover is purchased to provide certainty of benefits to the volunteer in the event of injury as volunteers are not covered by Workcover. No legal liability need exist.

Common law claims against the insured can still be made for legal liability above and beyond any payment made out under the personal accident cover.

Business Travel

Provides cover for injury, illness or death to a person/persons, on behalf of the organisation, travelling overseas, interstate or intrastate including incidental private travel. Medical expenses cover is only provided for overseas travel.

The maximum duration of any one-business trip is 180 days and the age limit (unless otherwise agreed with VMIA) is 70 years

Cover is purchased to protect workers in situations where workers compensation cover may not apply.

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