VMIA improved its Liability Insurance offering effective 1 July 2018, by combining both VMIA’s Public and Products Liability and Professional Indemnity insurance into one simpler policy wording.
Coverage for each of these policies is specified across two sections within the policy, Section 1 - Public and Products Liability and Section 2 – Professional Indemnity.
With fewer definitions and simpler wording, the new single policy better reflects your current insurance requirements. Coverage for professional liability exposures was also substantially increased.
Section 1 Cover - Public and Products Liability
Public and Products Liability insurance provides cover for any legal liability your organisation has to pay compensation for:
- personal injury to third parties arising from business activities or goods sold
- damage to third party property arising from business activities and goods sold
- personal injury to third parties arising from advertising liability.
Section 2 Cover – Professional Indemnity
Professional Indemnity insurance provides cover for any legal liability your organisation has for financial losses suffered by third parties arising from conduct of your organisation as a result of:
- a breach of professional duty
- an act, error or omission
- misleading or deceptive conduct
- libel, slander or defamation.
In addition to the above indemnity, both policy sections provide cover for legal costs incurred in the defence of claims made against your organisation.
Policy updates for 2019-20
Section 2 – Cover A
Annual aggregate increased to unlimited.
Cover A, as per your Policy Schedule, is provided at $50,000,000 for any one claim, unlimited in annual aggregate, plus legal costs and expenses.
Contact VMIA on 03 9270 6900 or email@example.com
Please read the full 2019 - 2020 policy terms and conditions [PDF, 268KB] available here.