Miscellaneous Professional Combined Insurance Policy Summary

Transcription

1 Miscellaneous Professional Combined Insurance Policy Summary The policy is arranged by Simply Business under an agreement with the underwriters AXA Insurance UK plc and Great Lakes Insurance SE This Miscellaneous Professional Combined Insurance Policy is an annual insurance contract and may be renewed each year subject to the terms and conditions that are applicable at that time. This is an overview of some of your policy s most important parts. It tells you some of the situations when you could make a claim on your insurance. You can also check how to claim, cancel your policy, or make a complaint. For a more in-depth look, see the policy wording The policy is divided into a number of sections and not all sections may be included as part of your insurance. Please refer to the quotation or renewal documentation for confirmation of the sections of cover selected: Excess Professional indemnity Contents Buildings Business interruption Terrorism Employers liability Public and products liability All sections except for the employers liability section will carry an excess being the first amount of each claim that you must pay and is not insured. The amount(s) will be stated in the quotation or renewal documentation. Professional indemnity You re covered for: Your liability to pay damages if you ve failed to fulfil your professional duty, through the conduct of your business services, by negligent act, error or omission. This section is a claims made insurance meaning any claim must be made against you and notified to the insurer during the policyperiod. The policy cover includes: civil liability for breach of professional duty including the acts of sub-contractors for which you are legally liable your predecessors in business libel and slander acquisitions and creations joint ventures liquidated damages bodily injury or property damage arising as the result of a breach of professional duty damage or injury caused by asbestos associated companies unless the claim emanates from an independent third party Page 1 of 7

2 assumed duty or obligation not in the normal conduct of your business arising from existing claims or circumstances prior to the period of insurance. your insolvency financial services North American (USA /Canadian) jurisdiction where you are entitled to coverage under any other insurance policy products liability self-replicating viruses transmission of viruses Contents You re covered for: Your office contents, office computer equipment, and if you ve told us about it, your portable business equipment that you would take with you when away from your business premises, if they are damaged or lost. Plus, this would include: plans, deeds, briefs, manuscripts, books, documents and office records limit any one item: 1,000; computer discs and tapes limit any one item: 1,000; personal effects: 1,000 any one person; temporary relocation for cleaning or repair to a premises not owned or occupied by you: up to 15% of sum insured; covers office computers and software cover for damage whilst at an exhibition up to 5,000 rent for 2 years, if you re a tenant at your business address, up to 25% of the contents sum insured signs: 2,000 in total for theft or attempted theft to the contents of any building which is empty or not in use for the dishonesty of employees. for any fraudulent or dishonestly accessing, extracting, or distorting information or data contained in any computer or electronic data equipment or system. Theft where you ve not complied with the minimum security condition (page 55), which includes: i) a mortise lock and a matching striking plate; or a multi-point locking system on final exit doors ii) key operated locks on accessible windows Page 2 of 7

3 Buildings You need to rebuild your premises or replace any improvements you ve made to a rented property, including the cost of professional fees you may need to pay to someone like an architect, surveyor, or solicitor. You can also claim for: the cost of removing debris and boarding up windows and doors, and the cost of finding the source of damage if it s something like a water leak. subsidence, but check your policy schedule to make sure. renewal documentation or by displaying an endorsement, the policy shall exclude claims for: damage to moveable property in the open, gates or fences caused by storm or flood; theft or attempted theft in respect of buildings not in use; terrorism, unless we ve specifically agreed to cover this Employers liability You have to pay compensation because your employee suffers injury or illness due to their work. This also includes: if you have to go to court as a witness due to an employers liability claim, this is covered too. defence cost incurred in defence of a claim. contractual obligations relating to injury to employees. contractual obligations to indemnify the principals for their liabilities arising from your performance of the contract. Health & Safety defence costs payment of costs to defend a prosecution under the Health & Safety at Work Act 1974 (Sections 2 to 8) when related to an employee injury. cover extends to working partners provided injury caused by another working partner or employed person while working in connection with the business and there is a valid right of action for negligence against the other partner or employed person. injury arising from work on an offshore rig or other installation injury arising from or caused by a motor vehicle in circumstances where compulsory insurance is required by any Road Traffic Act. injury to employees arising from war or terrorism where the damages and costs exceed 5,000,000. actions brought in North American courts to indemnify any party domiciled in North America or to pay punitive or exemplary damages. Page 3 of 7

4 Public and products liability Your business causes injury to a third party(not employees), or damage to their belongings.this could be injuries sustained by customer slipping on a wet floor, or damage caused by goods you ve sold or supplied to them, or that you ve been responsible for testing or maintaining. The policy cover includes: defence costs payable in addition to the limit of indemnity unless a claim is brought under USA or Canadian jurisdiction, then they form part of the limit of indemnity. contractual obligations relating to injury to third parties. Health & Safety defence costs The limit of indemnity is any one occurrence not including defence costs and is specified in the quotation or renewal documentation except that for: Products liability Pollution liability The limit of indemnity stated applies to all claims occurring during any one period of insurance. damage to property belonging to or leased let rented hired or lent to or which is the subject of a bailment to you; the costs of remedying any defect or alleged defect in land or premises; any craft (air or waterborne) or mechanically-propelled vehicles (including power assisted cycles) other than mechanically-propelled garden implements used within the grounds of the premises; offshore installations; lack of care or skill in the giving of professional or other advice or treatment (other than first aid treatment); any action for damages brought in a Court of Law of any territory outside the United Kingdom in which you have a branch or subsidiary; injury, damage or pollution caused by any product sold or supplied to the United States of America or Canada; caused by any work involving asbestos, asbestos fibres, asbestos dust, or asbestos containing materials. any product or part intended to be used into the structure, machinery or controls of any aircraft, other aerial device or satellite; liability for bodily injury, damage or nuisance arising out of or from pollution in North America Significant limitations that will restrict cover Whenever you or any persons acting on your behalf use a naked flame or other heat source or oxyacetylene, electric arc or similar welding, cutting, grinding or other spark emitting equipment or are otherwise applying heat away from your premises You must take reasonable precautions as stipulated in the policy wording to prevent damage. Page 4 of 7

5 Business interruption You re unable to trade and you lose income because your buildings, stock, or contents are damaged. We can pay to help your business return to normal, and can pay additional expenses to help you prevent or reduce a drop in income. Plus, this would include: denial of access following damage to nearby property; unspecified customers: 10% of the sum insured or 50,000 whichever is the greater; renewal documentation or by displaying an endorsement, the policy shall exclude claims for: any payment in excess of the sum insured on gross revenue; loss of gross revenue if a consequence of damage that is excluded under the contents or buildings sections Terrorism Your cover is: On the same basis as your contents, buildings, and business interruption (if insured) cover for claims arising from or caused by terrorist actions. The policy excludes claims damage or loss of gross revenue: to property outside England, Wales and Scotland; caused by virus, hacking or denial of service attack General exclusions Except for the employers liability section, all sections exclude liability or indemnity directly or indirectly relating to acts of war or terrorism. For property damaged and business interruption cover terrorism this insurance may be purchased under the terms of the terrorism section. Please see your quotation or renewal documentation to establish if such terrorism cover has been provided. Except for the employers liability section, all sections exclude liability or indemnity directly or indirectly relating to nuclear risks. Your side of the bargain Let s be honest If you come to make a claim, you might find you re not covered if any of the information you ve provided isn t accurate or up to date. It s a good idea to review and update your cover from time-totime to make sure it s adequate. Even though you re insured you should be sensible and take the same precautions you would if you had no insurance cover. Page 5 of 7

6 Cancelling You can cancel your insurance at any time, by ing or by calling You ll need to confirm your cancellation in writing within 14 days to: Customer Service Director at: Suite 401, Sol House, 29 St Katherine Street, Northampton, NN12QZ. If we want to cancel your insurance, we ll give you 30 days notice by registered post to your last known address. If we cancel your insurance and you haven t made a claim under the policy, you llbe entitled to arefund. Making a claim You can submit your claim online at or call Simply Business on If you re not happy We are dedicated to providing the highest possible level of customer satisfaction in all areas of Our business If for any reason You have a query or feel that the service You receive has fallen below those standards You should report this to Us at once All complaints will be handled promptly and a policy of open communication will be adopted Any enquiry or complaint should be addressed in the first instance to Simply Business Complaints Team Suite 401, Sol House 29 St Katherines Street Northampton NN1 2QZ T: E: customerservices@simplybusiness.co.uk If we are unable to respond to your complaint within 8 weeks or if you remain dissatisfied, you may be able refer your complaint to the Financial Ombudsman Service The Financial Ombudsman Service Exchange Tower E14 9SR Tel or / Fax / complaint.info@financialombudsman.org.uk Whilst We are bound by the decision of the Financial Ombudsman Service, You are not. Followingthe complaints procedure does not affect Your right to take legal action. You may be entitled to compensation from the Financial Services Compensation Scheme (FSCS), should AXA Insurance UK plc and Great Lakes Insurance SE be unable to meet their liabilities under this Document of Insurance. This depends on the type of business and the circumstances of the claim For compulsory classes of insurance the advising and arranging of insurance is covered for 100% of the claim For other classes of insurance the advising and arranging of insurance is covered for 100% of the first GBP 2,000 of a claim and 90% of the remainder of the claim There is no upper limit in either case Further information about the compensation scheme is available from the FSCS The contact details are Financial Services Compensation Scheme 10th Floor Beaufort House 15 St Botolph Street Page 6 of 7

7 EC3A 7QU Telephone Number or address Website address AXA Insurance UK plc are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Great Lakes Insurance SE are subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority whose addresses are The Financial Conduct Authority 25 The North Colonnade Canary Wharf E14 5HS The Prudential Regulation Authority Bank of England Threadneedle Street EC2R 8AH Great Lakes Insurance SE is a German insurance company with its headquarters at Königinstrasse 107, Munich. UK Branch office: Plantation Place, 30 Fenchurch Street,, EC3M 3AJ. Great Lakes Insurance SE, UK Branch, is authorised by Bundesanstalt für Finanzdienstleistungsaufsicht and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. Your Insurer As set out in the Preamble above Your Insurers are AXA Insurance UK plc, whose registered office address is 5 Old Broad Street,, EC2N 1AD and Great Lakes Insurance SE, whose headquarters are at Königinstrasse 107, Munich and is arranged under a binding authority from the Insurers by Simply Business, whose registered office address is 6th Floor, 99 Gresham Street,, EC2V 7NG. Axa Insurance UK plc, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. FRN This can be checked on the Financial Services Register at or by calling them on Great Lakes Insurance SE is a German insurance company with its headquarters at Königinstrasse 107, Munich. UK Branch office: Plantation Place, 30 Fenchurch Street,, EC3M 3AJ. Great Lakes Insurance SE, UK Branch, is authorised by Bundesanstalt für Finanzdienstleistungsaufsicht and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. Simply Business is authorised and regulated by the Financial Conduct Authority. FRN This can be checked on the Financial Services Register at or by calling them on Page 7 of 7