Comparison of policies put forward by Aon, Marsh, Suncorp and Willis

Transcription

1 Comparison of policies put forward by Aon, Marsh, Suncorp and Willis Insurer (broker) CGU(Aon) RESOURCE UNDERWRITING on behalf of certain Lloyd's underwriters (Marsh) SUNCORP ALLIANZ (Willis) What liabilities are Civil liability for certain claims Loss arising from certain Civil liability for Civil liability for certain claims covered? made and notified during the compensation resulting from made and notified during the policy period, including during the policy period, certain claims made and policy period, including amounts determined by including amounts notified during the policy amounts determined by judgments, arbitral awards determined by judgments, period, including amounts judgments, arbitral awards and settlements with the arbitral awards and determined by judgments, and settlements with the insurer's consent. settlements with the insurer's arbitral awards and insurer's consent. consent (consent not to be settlements with the insurer's consent. Personal costs orders. Disciplinary fines and Compensation orders and penalties and contempt Personal costs orders made orders. under the Legal Profession Personal costs orders. Optional public liability Act 2004 and certain other statutes. extension. Are defence costs covered in addition to addition to the policy limit, the policy limit? except where a covered claim is brought outside of Australia or New Zealand, or a proceeding is brought in an Page 1

2 Australian or New Zealand court to enforce a foreign judgment, or Australian or New Zealand law does not apply to any of the issues in the claim, then the policy limit will be inclusive of defence costs. What is the limit of The same limit of indemnity Unlimited. However, if the Unlimited. However, if the The same limit of indemnity cover for defence as for claims. However, if ultimate loss exceeds the ultimate loss exceeds the as for claims. However, if costs? the ultimate loss exceeds the the ultimate loss exceeds the Are costs of disciplinary proceedings covered? consents. Limit of $100,000. consents (not to be consents (not to be consents. Is an excess payable? Check schedule for amount Applies only to disciplinary Check certificate of Check schedule for amount. (if any) and whether it applies proceedings, public liability insurance for amount (if any), Applies to defence costs if to defence costs as well as to extension and run off cover. but not less than $5,000 for stated in schedule. Applies claims (ie whether costs Check schedule for amount inquiry costs. Does not apply to defence costs of inclusive or costs exclusive). (if any). If no excess to defence costs (unless disciplinary proceedings. The excess is $1,000 for run specified in schedule, then stated otherwise in certificate off cover which is inclusive of $10,000 for disciplinary of insurance). claims investigation costs. proceedings, $500 for public liability extension, $1,000 for run off cover. Is the cover limited by a Check the schedule to the No. Check the schedule to the No. retroactive date? policy. policy. What is the limit of Check the schedule for the Check the schedule for the Check the certificate of Check the schedule for the Page 2

3 cover per claim and in insurance for the limit of the aggregate? (see note 2 below) The aggregate limit of cover is four times the policy limit. There is no aggregate limit. cover per claim. There is no aggregate limit. The limit of cover per claim is subject to 2 reinstatements Some limitations apply. (resulting in an aggregate limit that is three times the per claim limit). Are there territorial or Claim must be brought in Excludes cover for acts or Excludes cover for claims Excludes cover for claims jurisdictional limits? Australia, New Zealand or omissions in the USA or made in the USA or Canada made in the USA or Canada any jurisdictions listed in the Canada at a time when the or governed by USA or or governed by USA or schedule. Subject to the insured was domiciled in Canadian law. Does not Canadian law. Does not schedule, excludes cover for: those countries. cover proceedings for the cover proceedings for the claims brought in or enforcement of USA or enforcement of USA or determined in the USA or Canadian judgments, orders Canadian judgments, orders Canada; claims where the or awards. or awards. laws of the USA or Canada apply to any of the issues in the claim; or claims to enforce USA or Canadian judgments, orders or awards. Are claims arising from Exclusion applies to circumstances known of circumstances which the circumstances which might of circumstances which the of circumstances known to before inception of insured knew, or which a give rise to a claim and which insured was aware of and the insured which the insured policy excluded? reasonable person in the were known to the insured. which the insured knew, or a knew, or ought reasonably to insured's professional position would have known, might give rise to a claim. since time circumstances first reasonable person in the insured's professional position ought to have known, might give rise to a claim. have known, might give rise to a claim. limitations) if Insured held professional indemnity insurance (with either the since time circumstances first same or a different insurer) at the time circumstances Page 3

4 since time circumstances first first Does the policy provide run-off cover? practice. The Insured must notify the Insurer that s/he has ceased practice prior to policy expiry. Note 1: This table sets out some of the principal differences between policies which have been approved for this year. It does not describe all the differences between the policies. Nor does it describe fully the cover provided by each policy. You should read the relevant policy document carefully before selecting particular cover. Page 4

5 Note 2: The protection of the limitation of liability scheme is only available where a barrister has insurance cover (or business assets) to the value of the scheme cap in respect of each claim (whether arising out of the same circumstances or not). Consequently, except in the case of the Marsh policy and the Suncorp policy, a barrister who is faced with multiple claims in one year may not have adequate cover and therefore may not have the protection of the scheme. The risk of this happening is reduced in proportion to the number of reinstatements provided by the policy and the extent to which a barrister takes out cover above the scheme minimum. The risk is greatest where the policy does not provide reinstatements for claims arising out of the same circumstances. Page 5