Self Insured Risks Index

Accounts Receivable:

-

Losses sustained in the collection of monies due to the loss of your accounting records.

Advance Loss of Profits:

-

Loss of future earnings and increased expenses following delayed completion of a project caused by damage to the construction works and/or a marine loss (usually for a principal to effect).

Aviation Hull & Liability:

-

Loss of or damage to insured aircraft and liability to third parties, including passenger liability, arising from the operation of the aircraft.

Bloodstock or Livestock:

-

The insurance of animals for risks of death by accident, sickness or disease.

Boat & Pleasure Craft

-

Protects against theft, fire, malicious damage, stranding and capsizing, damage sustained while loading or unloading your boat, as well as collision with other vessels, jetties, submerged objects or motor vehicles.

The vessel is also covered while in transit or in inland waters, within 200 nautical miles of the Australian coastline, or idle.

Full salvage and recovery expenses are included over and above the sum insured.

Boiler & Pressure Vessel Explosion:

-

Damage to registered boilers and pressure vessels resulting from explosion, implosion, overheating, etc.

Boiler & Pressure Vessel Explosion Consequential Loss:

-

Financial loss due to interruption to trading consequential on explosion, implosion, overheating, etc. of registered boilers and pressure vessels

Bonds:

-

Financial guarantees e.g. performance and completion (an alternative to Bank guarantees).

Builders’ Warranty (Residential):

-

Statutory insurance covering defective work by and insolvency of a registered builder.  Required to be effected by any builder carrying out domestic/residential building work.

Caravan

-

Covers you against loss or damage to a caravan, annexe and its contents from an accident or theft, whether you're touring in your caravan or permanently on-site.

Computer/Electronic Equipment:

-

Damage to your computers and other electronic equipment due to mechanical and electrical breakdown.

Computer Consequential Loss:

-

Loss of income/increased costs of working consequential on damage to your computers and other electronic equipment due to mechanical and electrical breakdown.

Computer Crime:

-

Loss of funds following tampering with a computer system.

Contract Frustration:

-

Inability to complete a contract, or complete it on time, as the result of government, legal or political actions (usually for a principal to effect).

Credit:

-

Loss as a result of the insolvency of a debtor.

Crops:

-

Covers loss destruction or damage to crops from an insured peril.

Defamation:

-

Costs and damages resulting from an action for libel or slander.

Environmental Impairment:

-

Costs, including cleaning up costs, and damages resulting from bodily injury and/or property damage caused by gradual pollution and contamination.

Expatriates:

-

Benefits for death, bodily injury and illness and for medical and emergency evacuation and repatriation costs for employees whilst posted overseas.

Fidelity Guarantee:

-

Misappropriation of money and/or other property by employees.

Forged Transfers:

-

Damages/expenses following forged transfer of title to shares and/or negligence in the conduct of a share registry.

General Property:

-

Loss of or damage to specified property, normally of a portable nature.

Home & Contents:

-

Covers domestic dwellings and contents against fire and other perils including theft and personal liability.

Inherent Defects:

-

Covers structural defects in a building, usually for up to ten years from the date of practical completion.  Similar to, but broader in coverage than, the Building Practitioners Liability insurance required to be effected by registered commercial builders in Victoria.

Journey:

-

Employees travelling to and from work – supplementary to Workers Compensation in Western Australia, South Australia and Victoria.

Key Man:

-

A form of life insurance.  Covers the company, fellow directors, partners or managers for financial loss following death or disablement of key personnel.

Kidnap, Ransom and Extortion:

-

Costs incurred and monies paid following kidnap of staff or threats to tamper with or otherwise damage products and other property

Landlord & Strata:

-

Covers loss associated with an investment property, including flats, units, apartments and houses which are leased or rented to tenants. Cover options include;

• Building
• Contents
• Loss of rent
• Rent default and theft by a tenant
• Liability
• Workers' compensation in WA, Tasmania and NT.
• Strata cover for loss or damage to your fixtures and fittings when caused by an insured event that is not otherwise covered by your body corporate’s insurance cover.

Legal Expenses:

-

Costs incurred to take or defend nominated types of legal action.

Life and Superannuation:

-

Pays benefits to directors and employees on death, permanent disability and retirement.

Liquidated Damages:

-

Delay in Completion:
Contractor’s liability for liquidated damages under the contract for failing to complete in accordance with the contract schedule.
Performance Shortfall:
Contractor’s liability for liquidated damages due to the project failing to operate at contractually specified performance levels.

Machinery Breakdown:

-

Cost of repair or replacement following mechanical or electrical breakdown of machinery, plant and equipment.

Major Medical Trauma:

-

Pays a lump sum benefit in the event that an insured person is diagnosed with certain specified life threatening medical conditions, e.g. heart disease and cancer.

Make Up Pay:

-

Covers the gap between Workers Compensation weekly benefits and pre injury earnings (not legally allowed in some States/Territories).

Marine Hull:

-

Loss of or damage to commercial vessels.

Marine Liabilities:

-

Legal liability for damage to third party property and death of or
injury to passengers and other persons.

Marine Pleasure Craft:

-

Loss of or damage to the hull and/or legal liability for damage to third party property and death of or injury to passengers and other persons.

Motor

-

Personal Accident:

-

Death/disability following an accident.

Political Risk:

-

Covers loss by confiscation, expropriation, nationalisation, requisition, destruction or deprivation by actions of governments or local authorities of countries in which the Insured may trade.

Product Guarantee:

-

Expenses incurred as a result of failure of a product to meet the level of fitness or performance warranted or contractually specified.

Professional Indemnity

-

Covers liability resulting from professional negligence, error or omission while conducting your business as a professional. Includes cover for Directors and Officers, Employment Practices, Information Technology, Malpractice and Defamation. Specific tailored packages have been developed for Draftspersons, Building Designers and Real Estate Agents.

Property In Transit:

-

Loss of or damage to property whilst in transit.
Note – property to be used for, or incorporated into, a contract for construction works may be insured for transit within Australia under your Contract Works insurance.

Residual Value:

-

The failure of property to realise an agreed percentage of its purchase price at the end of an agreed period.

Salary Continuance:

-

Maintains the salaries of employees during long term absence from work due to accident or illness.

Spoilage:

-

To stock resulting from the breakdown of refrigeration equipment.

Strata

-

??????

Strike:

-

Loss and expense incurred as the result of a strike or other form of labour disturbance (where no physical damage to property has occurred).

Takeover:

-

Expenses incurred to defend against a hostile takeover.

Tax Probe:

-

Expenses incurred in complying with the requirements of an unexpected tax audit.

Travel (Corporate & Personal):

-

Loss and costs incurred as a result of accident, illness, loss of personal property whilst travelling.

Cover options include:

• Overseas medical, dental and additional expenses
• Resumption of overseas journey
• Return of hire car and excess waiver
• Cancellation
• Luggage and travel documents
• Accidental death, disability and loss of income
• Liability.

Trustee Liability:

-

Covers fiduciary legal liability to compensate third parties (including legal costs incurred) arising out of the negligent administration of a trust or fund.

Warranty:

-

Loss and costs incurred to meet warranty obligations with respect to goods and property manufactured, processed, fabricated, sold or supplied.

Workers Compensation:

-

Statutory insurance covering Act and common law liability for compensation to employees injured in the course of their employment.