DUAL Australia Professional Indemnity Insurance
Consultants Policy Wording
TABLE OF CONTENTS
Section 1: PREAMBLE ………………………………………………………………………. 3
Section 2: INSURING CLAUSES ………………………………………………………… 3
Section 3: EXTENSIONS …………………………………………………………………… 4
Section 4: OPTIONAL EXTENSIONS: ………………………………………………….. 8
Section 5: EXCLUSIONS …………………………………………………………………..10
Section 6: DEFINITIONS ……………………………………………………………………13
Section 7: CLAIM CONDITIONS …………………………………………………………17
Section 8: GENERAL CONDITIONS ……………………………………………………19
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DUAL Australia Professional Indemnity Insurance
Policy Wording
Section 1: PREAMBLE
1.1 We will provide the cover described in the policy, subject to its terms and conditions, for the insurance
period.
1.2 The cover under the policy commences upon the payment of the premium unless otherwise agreed in
writing.
1.3 Except as otherwise provided herein, this policy only covers claims first made against the insured and
reported to us in the insurance period.
Section 2: INSURING CLAUSES
2.1 Civil Liability
We agree to pay to or on behalf of the insured all loss resulting from any claim for any civil liability in
relation to the conduct of the policyholder’s professional business.
2.2 Defence Costs in Addition
We also agree to pay to or on behalf of the insured any defence costs either incurred by us or by the
insured with our prior written consent which are in addition to the indemnity limit.
In the event that the amount of loss exceeds the indemnity limit, our liability in respect of defence costs
is limited to that proportion of such defence costs as the indemnity limit bears to the total amount of a
final judgment, award or settlement sum.
The maximum we will pay for any defence costs is an amount up to, but not exceeding, the indemnity
limit.
If any Extension to this policy provides a sub-limit such a sub-limit is inclusive of defence costs unless
otherwise stated expressly.
2.3 Advancement of Defence Costs
We agree to pay for defence costs in respect of any claim covered under this policy as and when they are
incurred prior to final resolution of the claim, and within 30 days of receipt by us of sufficiently detailed
invoices for those costs.
The maximum amount of defence costs and other costs and expenses we will advance is the amount of
any applicable sub-limit or the indemnity limit. Upon exhaustion of the applicable sub-limit or the
indemnity limit our obligation to advance defence costs will cease.
However any defence costs that are paid will be repayable to us by the insured in the event and to the
extent that it is determined under the policy that the insured was not entitled to the payment of the
defence costs.
2.4 Retroactive Date
The policy will only provide cover in respect of civil liability arising from an act, error or omission of the
insured after the retroactive date.
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Section 3: EXTENSIONS
These Extensions to coverage apply automatically and are subject to the Insuring Clauses and all other
terms and conditions of this policy.
3.1 Attendance at Investigations
We agree to pay to or on behalf of the insured any legal representation costs resulting directly from the
attendance by the insured at any investigation. This Extension applies only if:
a) the insured is legally compelled to attend the investigation, and
b) the notice or process requiring the insured to attend or answer questions is first served during the
insurance period, and
c) the insured’s attendance is required because of the insured’s conduct in the policyholder’s
professional business, and
d) the insured notifies us during the insurance period that the insured is legally compelled to attend
the investigation, and
e) the investigation is not being held outside Australia, and
f) our consent is obtained before the legal representation costs are incurred, and
g) at our option, we can nominate the legal advisers to represent the insured.
The maximum amount payable by us under this Extension is the applicable sub-limit of liability specified in
Item 8 of the schedule. This sub-limit is part of and not in addition to the indemnity limit.
Each investigation will be subject to a separate deductible as specified in Item 6 of the schedule. The
deductible is inclusive of defence costs, unless otherwise specified in the schedule.
3.2 Consultants, Subcontractors and Agents
We agree to pay to or on behalf of the insured all loss resulting from any claim for civil liability arising
from the conduct of any consultant, sub-contractor or agents of the policyholder in the conduct of the
policyholder’s professional business and for whose acts, errors or omissions the policyholder is liable.
Cover under this Extension is not available to consultants, sub-contractors or agents in respect of their own
liability.
3.3 Consumer Protection Legislation
We agree to pay to or on behalf of the insured all loss resulting from any claim for civil liability made
against the insured for unintentional contraventions of the Competition and Consumer Act 2010
(Commonwealth), the Fair Trading Act 1987 (NSW), the Fair Trading Act 1985 (Victoria) or similar or
equivalent legislation enacted by the other states or territories of the Commonwealth of Australia or by New
Zealand.
3.4 Continuous Cover
Notwithstanding Exclusion 5.18 (Prior Known Facts), we agree to provide cover in respect of any claim
made against the insured in the insurance period where the insured:
a) first became aware, prior to the insurance period, that a claim might or could arise from facts or
circumstances known to it; and
b) had not notified us of such facts or circumstances prior to the insurance period.
Provided that:
i) we were the professional indemnity liability insurer of the policyholder when the insured
first became aware of such facts or circumstances and have continued, without interruption,
to be the policyholder’s professional indemnity insurer until this policy came into effect;
and
ii) there has not been any fraudulent non-disclosure or fraudulent misrepresentation by an
insured in respect of such facts or circumstances; and
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iii) if the fact or circumstance had been notified under the previous policy, the insured would
have been entitled to indemnity under the previous policy; and
iv) if we had been notified of the facts or circumstances when the insured first became aware
of such facts, the insured would have been indemnified under the policy in force at that
time, however is now not entitled to be indemnified by that policy, and the insured would,
but for Exclusion 5.18 (Prior Known Facts) otherwise be indemnified by this policy; and
v) we have the discretion to apply either the terms and conditions of the policy on foot when
the insured first became aware of the facts and circumstances, including but not limited to
the indemnity limit and excess, or the terms and conditions of this policy; and
vi) the insured all agree only to make a claim under one professional indemnity policy issued
by us.
For the purpose of this Extension only the definition of we/us/our in clause 6.41 of this policy also includes
the Underwriter(s) for which we were the agent on any previous policy issued by us as such Underwriter’s
agent to the insured. Subject to the terms of this Extension and the terms of the policy, the intention of this
Extension is to provide continuous cover notwithstanding any change in the identity of the Underwriters for
which we presently act, or have previously acted, as agent.
3.5 Court Attendance Costs
We agree to pay to or on behalf of the policyholder any court attendance costs of any officer or employee
who is legally compelled to and does attend Court as a witness in a claim for civil liability covered by this
policy, to an amount of $500 per day.
3.6 Crime
We agree to pay on behalf of the insured any crime loss discovered by the insured during the insurance
period and notified in writing to us within 30 days following such discovery.
The maximum amount payable by us under this Extension is the applicable sub-limit of liability as
specified in Item 8 of the schedule. This sub-limit is part of and not in addition to the indemnity limit.
A separate deductible will apply to each crime loss under this Extension as specified in Item 6 of the
schedule. The deductible is inclusive of defence costs, unless otherwise specified in the schedule.
3.7 Defamation
We agree to pay to or on behalf of the insured all loss and defence costs resulting from any claim for
civil liability for defamation committed in the conduct of the policyholder’s professional business,
provided that the insured did not intend to defame.
3.8 Discovery Period
The insured may give written notice to us of any claim resulting from civil liability in relation to the
conduct of the policyholder’s professional business prior to the expiration of the insurance period and
during a discovery period immediately following the insurance period of:
a) 60 days granted automatically with no additional premium payable; or
b) 12 months, if the policyholder requests such period in writing within 30 days after the end of the
insurance period and tenders an additional premium of 100% of the expiring annual premium,
commencing immediately after the end of the insurance period, such premium is payable within 30
days of the receipt by us of such written request; or
c) 84 months, if a transaction takes place and the policyholder requests such period in writing within
30 days following the end of the insurance period, on such terms and conditions, if any, and for
such additional premium as we may reasonably require.
This Extension is not available if this policy is:
a) renewed or replaced with any similar or like professional indemnity insurance; or
b) cancelled or avoided.
Any discovery period purchased under this Extension is non-cancellable and the premium paid for the
discovery period is fully earned by us and is non-refundable.
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3.9 Emergency Defence Costs
If our written consent cannot reasonably be obtained before defence costs are incurred by an insured, we
will pay those defence costs if the insured obtains our consent within 30 days of the date that the first of
those defence costs were incurred.
If we subsequently determine that there is no entitlement under the policy for any defence costs that we
have paid under this clause, the insured must repay those amounts to us immediately.
The maximum amount payable by us under this Extension is the applicable sub-limit of liability specified in
Item 8 of the schedule. This sub-limit is part of and not in addition to the indemnity limit.
A separate deductible will apply under this Extension as specified in Item 6 of the schedule. The
deductible is inclusive of defence costs, unless otherwise specified in the schedule.
3.10 Former Subsidiary
We agree to pay to or on behalf of the insured all loss resulting from any claim for any civil liability in
relation to the conduct of the policyholder’s professional business by a subsidiary that ceased or
ceases to be a subsidiary either before or during the insurance period.
3.11 Fraud and dishonesty for innocent parties
Notwithstanding exclusion 5.11 (Fraud and Dishonesty), but subject to all other terms and conditions of this
policy, we agree to pay to or on behalf of the insured all loss resulting from any claim for civil liability
made against the insured, provided that we will not provide cover to any insured committing or condoning
any act, omission or breach.
3.12 Heirs, Estates and Legal Representatives
We agree to provide cover for any estate, heirs, legal representatives or assigns of any deceased or
mentally incompetent insured in respect of any claim resulting from the conduct of that insured in the
policyholder’s professional business.
3.13 Intellectual Property
Notwithstanding exclusion 5.14 (Intellectual Property), but subject to all other terms and conditions of this
policy, we agree to pay to or on behalf of the insured all loss resulting from any claim for civil liability
made against the insured arising from infringement or alleged infringement of any intellectual property right,
provided that the insured’s civil liability results from the conduct of the policyholder’s professional
business.
3.14 Joint Venture Liability
We agree to pay to or on behalf of the policyholder any loss resulting from any claim for civil liability
resulting from the conduct of the policyholder’s professional business in any joint venture of which the
policyholder forms part. Our liability will be proportionate to the lowest of:
a) the percentage of the share capital of the joint venture owned or controlled by the policyholder; or
b) the percentage of the voting control of the joint venture exercised by the policyholder.
This extension will only provide cover to the policyholder. No other participant of the joint venture and
no other third party will have any rights under this policy, and neither will we be liable to pay a contribution
to any insurer of any other participant in the joint venture.
3.15 Lost Data
We agree to pay to or on behalf of the insured all loss resulting from any claim for civil liability for the
unintentional destruction, misplacement, damage, deletion, corruption or loss of data while in the physical
custody or control of the insured, provided that the discovery of the loss of data occurred during the
insurance period.
The maximum amount payable by us under this Extension is the applicable sub-limit of liability as specified
in Item 8 of the schedule. This sub-limit is part of and not in addition to the indemnity limit.
Each claim will be subject to a separate deductible as specified in Item 6 of the schedule. The deductible
is inclusive of defence costs, unless otherwise specified in the schedule.
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3.16 Newly Created or Acquired Entity or Subsidiary
We agree to provide coverage to any entity or subsidiary acquired or created by the policyholder during
the insurance period for a period of up to sixty (60) days (but never beyond the expiry date of the
insurance period) from the date of such acquisition or creation.
We may, at our discretion, agree to provide further coverage beyond a period of sixty (60) days (but never
beyond the expiry date of the insurance period) where:
a) the policyholder has notified us of the acquisition or creation of the entity or subsidiary and has
provided all information requested by us; and
b) any terms imposed by us, including the charging of any additional premium considered appropriate,
have been agreed by the policyholder.
Provided always that any coverage provided under this Extension will only apply in respect of civil liability
occurring subsequent to the date of acquisition or creation, unless otherwise agreed in writing by us.
3.17 Panel Counsel
The insured is entitled to one (1) hour free advice from any one firm listed on our panel of solicitors relating
to a matter which we have accepted as notification of circumstances which may give rise to a claim under
this policy. We consent to that firm listed on our panel of solicitors being retained to act for an insured in
respect of any claim covered by this policy.
3.18 Previous Business
We agree to provide cover to any officer of the policyholder for loss resulting from any claim for civil
liability in relation to professional business performed by them prior to joining the insured and the claim
was first made and reported to us during the insurance period.
Cover under this Extension will only apply if:
a) there were no more than 10 partners or directors in the previous business in which the officer
practised; and
b) the officer of the policyholder does not have the benefit of cover under any other insurance or
indemnity.
The retroactive date for this Extension is limited to the commencement date of the previous business in
which the officer practised.
3.19 Public Relations
We agree to pay to or on behalf of the policyholder all public relations expenses incurred by the
policyholder with our prior written consent in connection with an incident in order to prevent or minimise
the risk of a claim which would be covered under the policy, or in connection with an incident that results
in a claim covered under the policy.
Cover under this Extension is conditional upon the insured providing us with full written details of the
incident no later than 30 days after the insured first becomes aware of the incident. The incident must
occur and be reported during the insurance period.
The incident must occur outside of the USA/Canada.
The maximum amount payable by us under this Extension is the applicable sub-limit of liability specified in
Item 8 of the schedule. This sub-limit is part of and not in addition to the indemnity limit.
A separate deductible will apply to each incident under this Extension as specified in Item 6 of the
schedule. The deductible is inclusive of defence costs, unless otherwise specified in the schedule.
3.20 Reinstatement of Indemnity Limit
In the event that the indemnity limit under the policy has been exhausted during the insurance period by
claims or loss for which we have agreed to indemnify, the indemnity limit will be reinstated in the same
amount once only.
Cover for this Extension will be conditional upon the following:
a) the exhaustion of limits of any policy which is in excess of the original indemnity limit under this
policy, other than any similar reinstatement provisions under such excess policies;
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b) the reinstated indemnity limit will only apply to claims or loss which do not arise out of and do not
have any connection with the originating cause of any claim or loss already paid or payable under
the original indemnity limit;
c) all other terms, conditions, exclusions and limitations of the policy shall continue to apply in the
same manner, in respect of any claim or loss to which the reinstated indemnity limit applies;
d) there will be no reinstatement of sub-limits, except if the original indemnity limit is reinstated.
However no cover is provided under this Extension for any claim arising out of or in connection with
proceedings brought in the United States of America or Canada or the enforcement of any judgment, award
or regulatory order obtained within and determined pursuant to the laws of United States of America or
Canada or their respective territories or protectorates.
The aggregate indemnity limit available under this policy is specified in Item 5 of the schedule.
3.21 Statutory Liability
Notwithstanding the definition of loss, we agree that the policy covers statutory liability.
We agree that for any claim brought in the jurisdiction and under the laws of Australia or New Zealand
against an insured in connection with the discharge, dispersal, release or escape of pollutants, Exclusion
5.17 (Pollution and Radioactive Contamination) of the policy does not apply, including in respect of
defence costs.
We agree that for any claim brought in the jurisdiction and under the laws of Australia or New Zealand
against an insured in connection with a breach of workplace health and safety law or regulation, Exclusion
5.15 (Liability to Employees) does not apply, including in respect of defence costs.
However, we are not liable to make payment under the policy in connection with any statutory liability
directly or indirectly based on, arising out of or attributable to the reckless or grossly negligent conduct, or
any knowing or intentional breach or violation of law, by the insured which is established through a
judgment or other final adjudication adverse to the insured, or any admission by an insured, that such
conduct did in fact occur.
The maximum amount payable by us under this Extension is the applicable sub-limit of liability specified in
Item 8 of the schedule. This sub-limit is part of and not in addition to the indemnity limit.
A separate deductible will apply to each claim under this Extension as specified in Item 6 of the schedule.
The deductible is inclusive of defence costs, unless otherwise specified in the schedule.
Section 4: OPTIONAL EXTENSIONS:
The optional Extensions are subject to the Insuring Clauses and all other policy terms and conditions.
4.1 Employment Practices Liability
Notwithstanding Exclusion 5.8 (Employment Practices Liability) we agree to pay to or on behalf of the
policyholder all loss and defence costs in respect of any employment claim against the policyholder
resulting from an employment practice breach.
For the purposes of this Extension only, the following additional terms apply:
a) Policyholder does not include the employee making the claim in respect of an employment
practice breach.
b) Exclusion 5.15 (Liability to Employees) of the policy will not apply to any claim by an employee in
respect of mental anguish or emotional distress or disturbance arising out of an employment
practice breach.
c) All claims which arise out of or are attributable to or are in any way connected with a single
employment practice breach shall constitute a single claim for the purposes of this policy. A
single employment practice breach means all respective employment practice breaches which
are related or form part of a series of related conduct or form part of a course of conduct that is not
entirely unconnected, different and/or unrelated.
d) We will not cover the policyholder for loss and defence costs in respect of any claim for an
employment practice breach for, arising from or directly or indirectly attributable to or in
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consequence of, any benefits or employment-related benefits or a breach of an express
obligation of an insured:
i) to make payments (including the provision of non cash benefits); or
ii) pursuant to any procedural or notification requirements in the event of termination of
employment;
whether such obligation arises under statute, regulation, award, contract of employment (including
any arrangement or agreement collateral to any contract of employment) or any industrial,
workplace or enterprise agreement or otherwise.
e) The maximum amount payable by us under this Extension is the applicable sub-limit of liability
specified in Item 9 of the schedule. This sub-limit is part of and not in addition to the indemnity
limit.
f) A separate deductible will apply to each claim under this Extension as specified in Item 6 of the
schedule. The deductible is inclusive of defence costs, unless otherwise specified in the
schedule.
g) The cover provided by this Extension is specifically excess of any other applicable insurance. If any
other insurance in respect of Employment Practices Liability is provided by us then the indemnity
limit for any and all claims covered by this Extension will be reduced by the indemnity limit of
such other insurance provided by us.
4.2 USA and Canada Cover
We agree to pay to or on behalf of the insured all loss resulting from any claim which would otherwise be
limited by General Condition 8.9 (Jurisdictional Limitation) for any civil liability made against the insured in
relation to the conduct of the policyholder’s professional business in the USA and Canada provided
always that any claim is:
a) brought in a court of law within the territorial limits of the United States of America or Canada or
their territories or protectorates; or
b) relates to the enforcement of any judgment, order or award obtained within, or determined pursuant
to the laws of, the United States of America or Canada or their territories or protectorates.
The maximum amount payable by us under this Extension is the applicable sub-limit of liability as specified
in Item 9 of the schedule. This sub-limit is part of and not in addition to the indemnity limit.
The deductible applicable to this Extension is specified in Item 6 of the schedule. The deductible is
inclusive of defence costs, unless otherwise specified in the schedule.
This Extension will apply to all provisions of the policy except for the following Extensions:
a) Reinstatement of Indemnity Limit
b) Public Relations Expenses
c) Attendance at Investigations
d) Statutory Liability
e) Employment Practices Liability
4.3 Whistleblower Hotline Access
The Policyholder and their internal and external stakeholders are entitled to access the DUAL
Whistleblower Hotline throughout the insurance period.
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Section 5: EXCLUSIONS
We will not cover the insured for loss, defence costs, legal representation costs or other amounts, in
respect of:
5.1 Amounts Paid or Restitution
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of any
disgorgement of charges, fees or consideration owed or paid to any insured in connection with the
professional business, including any restitution or return of such amount.
5.2 Asbestos and Toxic Mould
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of:
a) asbestos or other things that contain it; or
b) the actual, potential, alleged or threatened formation, growth, presence, release or dispersal of
fungi, moulds, or mycotoxins relating to Stachy Botrys, such action to including investigating, testing
for, detection of, monitoring of, treating, remediating or removing such fungi, moulds, mycotoxins
relating to Stachy Botrys.
5.3 Associates
a) Any claim by, on behalf of or for the benefit of any insured; or
b) Any claim by, on behalf of or for the benefit of any subsidiary; or
c) Any claim by, on behalf of or for the benefit of any family member of the insured, unless the
family member is acting without any prior direct or indirect solicitation or co-operation from the
insured,
irrespective of the capacity in which the claim is brought.
5.4 Assumed Liability
Any claim or investigation arising from or directly or indirectly attributable to or inconsequence of any
obligation assumed by the insured under any agreement, except that this Exclusion does not apply to:
a) any liability which is, or would have been, implied by law in such agreement or would have arisen
separately from it; or
b) any liability which is in respect of the treatment or use of confidential information.
5.5 Bodily Injury
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of the
death of, or bodily injury or illness to, any person, unless it results directly from the insured’s conduct of the
policyholder’s professional business.
5.6 Deliberate Acts
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of any act
or failure to act:
a) intended by the insured; or
b) that would be expected from the standpoint of a reasonable person in the circumstances of the
insured;
to cause injury or damage, even if the actual injury or damage is of a different degree or type than intended
or expected.
5.7 Directors and Officers
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of an
actual or alleged breach by the insured acting in the capacity of a director, secretary or officer of a body
corporate.
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5.8 Employment Practices Liability
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of any
employment or prospective employment of any past, present, future or prospective employee of the
insured, except to the extent that cover is provided under Optional Extension 4.1 (Employment Practices
Liability).
5.9 Excluded Activities
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of:
a) finance and/or mortgage broking; or
b) corporate advisory services, including but not limited to advice or consulting in connection with
mergers and acquisitions of entities or businesses or parts thereof; or
c) stockbroking; financial planning, insurance-related or funds management activities, whether or not it
requires an Australian Financial Services Licence or an authority under such a License; or
d) actual or alleged advice in relation to finance, accounting or tax matters; or
e) any valuation of property or premises made by or on behalf of the insured; or
f) any act, error or omission in the conduct of any activity not part of the policyholder’s professional
business.
5.10 Financial
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of:
a) the insolvency, bankruptcy, receivership, administration or financial failure of any insured or the
subcontractors or agents of the policyholder; or
b) the failure to provide, effect or maintain any bond or any form of insurance.
5.11 Fraud and Dishonesty
a) any claim or investigation arising from or directly or indirectly attributable to or in consequence of
any actual or alleged act or omission by an insured or any of their consultants, sub-contractors or
agents which was reckless, fraudulent, dishonest, malicious or criminal.
b) any claim or investigation arising from or directly or indirectly attributable to or in consequence of
any wilful breach of any statute, regulation, contract or duty by an insured or any of their
consultants, sub-contractors or agents.
This exclusion will only apply where it is established by an admission of such insured, consultant, subcontractor or agent or by a judgment, award, finding or other adjudication of a court, tribunal, commission,
or arbitrator that such conduct did in fact occur.
5.12 Infrastructure & Manufacturing
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of:
a) any errors in an estimate of probable construction cost or cost estimate, unless provided by the
insured in the conduct of the policyholder’s professional business; or
b) any construction, assembly, installation, erection or maintenance undertaken by or on behalf of the
insured; or
c) any breach of any express or implied warranty arising out of the development of any property; or
d) any loss or damage which would normally be the responsibility of a contractor; or
e) any loss of or damage to, including loss of use of or value in, any goods in the care, custody or
control of the insured.
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5.13 Investment Performance
Any claim or investigation directly or indirectly arising from attributable to or in consequence of:
a) any actual or alleged dealings of any nature by which it is sought to affect the price of, or market in,
any shares or debentures of any company or commodity or currency, or of any negotiable
instrument, other than dealings carried out in accordance with the laws, rules and regulations
applicable to such dealings; or
b) any financial or investment advice provided by the insured, including but not limited to any advice
or recommendation as to the valuation, tax implications or performance of any investment; or
c) a failure by the insured to warn of the risks of market fluctuation of any investment.
5.14 Intellectual Property
Any claim or investigation directly or indirectly arising from attributable to or in consequence of any
infringement or alleged infringement of any intellectual property right including but not limited to copyright,
patent, trademark, privacy, plagiarism, design or confidentiality.
5.15 Liability to Employees
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of bodily
injury, mental injury, sickness, disease or death of any employee or damage to or destruction of any
property of any employee, including loss of use.
5.16 Liability As Occupier
Any claim or investigation arising from or incurred or alleged to have been incurred in connection with the
use, occupation, ownership or lease of any real estate or personal property, by or on behalf of the insured.
5.17 Pollution and Radioactive Contamination
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of any:
a) ionizing radiation or contamination by radioactivity from a nuclear fuel or from any nuclear waste
from the combustion of nuclear fuel; or
b) the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly; or
c) the actual, alleged or threatened discharge of pollutants.
5.18 Prior known facts
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of:
a) actual or alleged facts or circumstances that the insured knew, or ought reasonably to have known
prior to the insurance period, might or could give rise to a claim; or
b) actual or alleged facts which could have been, or which can be notified under any previous
insurance policy existing prior to the commencement of the insurance period; or
c) pending or prior litigation, or derived from the same or essentially the same facts as are or might be
alleged in such pending or prior litigation, as at the commencement of the insurance period; or
d) any fact or matter referred to in the proposal or notified under any previous like policy existing prior
to the commencement of the insurance period.
5.19 Product Liability
Any claim or liability arising from or in connection with the manufacture, preparation, modification, repair,
supply, maintenance or treatment of any goods or products sold, supplied or distributed by the insured.
5.20 Property Damage
Any claim arising from or directly or indirectly attributable to or in consequence of the loss or destruction of,
or damage to, any property, unless it results directly from the insured’s conduct of the policyholder’s
professional business.
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5.21 Sanctions Limitation
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of trade or
economic sanctions or other laws or regulations prohibiting us from providing insurance.
5.22 Terrorism
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of
terrorism.
5.23 Trading Debts
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of any
trading debt or business liability of the insured or any guarantee given by the insured for a debt.
5.24 War and Civil War
Any claim or investigation arising from or directly or indirectly attributable to or in consequence of war,
invasion, acts of foreign enemies, military hostilities (whether war be declared or not), civil war, rebellion,
revolution, or insurrection.
Section 6: DEFINITIONS
In the policy:
6.1 Benefits means any amount payable to a beneficiary of a superannuation fund by the Trustee under the
rules governing the fund.
6.2 Civil liability means a legally enforceable obligation to a third party.
6.3 Claim means:
a) any civil proceeding brought by a third party against the insured for compensation; or
b) a written demand by a third party for monetary damages; or
c) a verbal notice
first made against the insured during the insurance period.
For the purpose of Extension 3.21 (Statutory Liability) claim means:
a) a civil proceeding brought for recovery of pecuniary penalties; or
b) any written notice from an official body requiring the insured to pay pecuniary penalties.
6.4 Crime Loss means:
a) the direct financial loss of any money, negotiable instruments, bonds, coupons, currency, bank
notes, stamps, cheques, bills of exchange, letters of credit and other instruments whether
negotiable or not or whether matured or not or securities or documents evidencing title to or
ownership of land or any other property belonging to the insured, or in the insured’s care, custody
or control or for which the insured is legally responsible; and/or
b) the direct financial loss resulting from any actual or alleged fraudulent or dishonest instruction,
direction or use of electronic equipment, including but not limited to telephony and the internet,
resulting in the unauthorised transfer, delivery or payment of, or dealing with, money, land or any
other property belonging to the insured, or in the insured’s care, custody or control, or for which
the insured is legally responsible.
Crime Loss does not include:
a) direct financial loss which is indirect and consequential;
b) direct financial loss resulting from the accessing of, any confidential information (including but not
limited to trade secrets, customer information, patents, trademarks), except to the extent that any
DUAL Australia Consultants Professional Indemnity Wording (07/15-B) 14
such confidential information is used to support or facilitate the commission of any act for which
cover would otherwise be granted by this policy;
c) direct financial loss resulting from any dishonest, fraudulent or malicious acts committed by an
employee or officers who prepares cheque requisitions and also has cheque signing authority;
d) direct financial loss resulting from cheques that are not countersigned; and
e) direct financial loss resulting from the transfer of funds not authorised by two or more officers
and/or employees.
6.5 Data means:
a) information such as text, numbers, sounds and images that can be processed by any form of
electronic device; and/or
b) deeds, wills, agreements, maps, plans, books, letters, policies, certificates, forms and documents of
any nature whatsoever, whether written, printed or reproduced by any method but will not include
bearer bonds or coupons, stamps, bank or currency notes or any other negotiable instrument.
6.6 Deductible means the amount specified in item 6 of the schedule or otherwise specified in any Extension
to this policy.
6.7 Defence costs means all necessary and reasonable fees, expenses, costs and disbursements incurred in
investigating or defending a claim covered by the policy.
6.8 Direct financial loss means financial loss suffered directly by the policyholder which is covered under
Extension 3.6 (Crime).
6.9 Discovered means when an officer first becomes aware of facts which would cause a reasonable person
to believe that a direct financial loss of the kind covered by this policy has been or is likely to be incurred,
even though the exact amount or detail of the direct financial loss may not then be known.
6.10 Discovery period means the period of time specified in Extension 3.8 (Discovery Period) during which time
written notice may be given to us of a claim which is first made against an insured for civil liability
incurred prior to the end of the insurance period or prior to the transaction.
6.11 DUAL Whistleblower Hotline means the use of a dedicated toll-free number to report suspected incidents
and misconduct.
6.12 Employee means any person employed by the policyholder under a contract of service or apprenticeship
during or prior to the commencement of the insurance period.
6.13 Employment claim means:
a) a civil proceeding brought by a past, present or prospective employee for recovery of compensation
or damages; or
b) any suit, proceeding or written demand by a past, present or prospective employee for monetary
damages.
6.14 Employment Practice Breach means any breach of duty or breach of trust owed by the insured in
relation to any of the following: employment-related actual or alleged unfair or wrongful dismissal from,
termination or discharge of employment (either actual or constructive, including breach of an implied
contract), misrepresentation, wrongful failure to employ or promote, failure to grant tenure, discrimination,
harassment, retaliation (including lockouts), humiliation, defamation, invasion of privacy, wrongful
deprivation of career opportunity, wrongful demotion or negligent employee evaluation (including the
provision of negative or defamatory statements in connection with an employee reference) which relate
solely to the policyholder and its past, present or prospective employees.
6.15 Employment related benefits includes but is not limited to:
a) non-monetary benefits including but not limited to the allocation of a company car, travel allowance,
mobile or landline telephone, medical or life insurance expenses, education and training
allowances, and equipment allowances;
b) stock, shares, stock options, share options or any entitlement or right under any employee plan of
any description;
c) participation in any stock, share option or share option plan, or participation in any employee plan of
any description;
DUAL Australia Consultants Professional Indemnity Wording (07/15-B) 15
d) severance or redundancy payments or entitlements;
e) any benefit, payment or entitlement of any kind in respect of paid or unpaid leave;
f) bonus or incentive payments, or any entitlement or right under a bonus or incentive plan (which, for
the avoidance of doubt, does not include any payments, entitlement or right under any commission
scheme);
g) payments or contributions in respect of any provident, benefit, superannuation, pension or
retirement fund, or any other account, fund, scheme or plan intended to provide benefits, in whole or
in part, at retirement or a particular age, or on the happening of a particular event;
h) any amount the insured pays or is ordered to pay pursuant to any determination or settlement in
respect of an allegedly unfair contract, notwithstanding that it acted in accordance with the terms of
the employment contract.
6.16 Family member means an insured’s:
a) legal or de facto spouse, domestic partner or companion;
b) parent, or the parent of the insured’s legal or de facto spouse, domestic partner or companion;
c) children and children of (a) and (b) above;
d) siblings.
6.17 Incident means a matter in which the insured’s reputation and skill in the conduct of the professional
business is brought into question.
6.18 Indemnity limit means the amounts specified in Item 5 of the schedule.
6.19 Insurance period means the period specified in Item 4 of the schedule.
6.20 Insured means:
a) the policyholder;
b) any subsidiary if the policyholder is incorporated; and
c) any insured person.
6.21 Insured person means any former, present or future principal, partner, director or employee of the person,
partnership, company, subsidiary or other entity specified as the policyholder in Item 2 of the schedule,
but only while acting in the conduct of the policyholder’s professional business.
6.22 Investigation means any official investigation, examination, inquiry or other proceedings ordered or
commissioned by any official body or institution empowered by law to investigate the conduct of the
professional business of the insured.
6.23 Legal Representation Costs means reasonable legal fees, costs and expenses incurred with our prior
written consent (which will not be unreasonably withheld or delayed) by or on behalf of an insured or
insured person in:
a) preparing for, attending or producing documents to an investigation; or
b) responding to a raid on, or on-site visit to, any insured by an official body that involves the actual
or possible production, review copying or confiscation of files or interviews of any insured.
Legal Representation costs do not include the remuneration of any insured, the cost of their time or
overheads of any insured.
6.24 Loss means:
a) damages or claimant’s costs or both payable by the insured pursuant to an award or judgment
entered against the insured;
b) settlements negotiated by us and consented to by the insured; or
c) settlements negotiated by the insured but only with our prior written consent.
DUAL Australia Consultants Professional Indemnity Wording (07/15-B) 16
Loss does not include any:
a) defence costs;
b) legal representation costs;
c) amounts uninsurable at law;
d) wages, salaries, allowances, fees, commissions, awards, bonuses, travel or accommodation costs
incurred by the insured in assessing, investigating, dealing with or assisting others to deal with the
claim;
e) taxes, fines or penalties;
f) punitive, aggravated, multiple, exemplary, liquidated or other non-compensatory damages or the
consequences of non-payment;
g) GST imposed or payable in respect of the premium or any payment of insured amounts made under
the policy.
All loss attributable to one source or originating cause will be deemed one loss
6.25 Lost data means data that cannot be located following a diligent search, and data that has been destroyed
or damaged.
6.26 Officer means any past, present or future:
a) partner, principal, director or secretary of the policyholder or a subsidiary; or
b) person who makes or participates in making decisions that affect the whole, or a substantial part, of
the business of the policyholder or a subsidiary.
6.27 Official body means any regulator, government or administrative body or agency, official trade body or self
regulatory body legally empowered to investigate the affairs of the policyholder or the conduct of an
insured person in their insured capacity.
6.28 Other Insurance means the other insurance policy or policies, if any are specified by Endorsement.
6.29 Policy means this policy wording, the schedule, the proposal and any endorsement attaching to and
forming part of the policy either at commencement or during the insurance period.
6.30 Policyholder means the organisation or natural person specified in Item 2 of the schedule, and any
subsidiary.
6.31 Pollutants means any contaminant whether solid, liquid or gas including but not limited to chemicals,
smoke, vapours and fumes.
6.32 Professional business means the professional activity(ies)/business description specified in Item 3 of the
schedule undertaken by or under the direct supervision of a properly qualified and appropriate professional
in that professional activity. A person will be properly qualified if they possess appropriate professional
qualifications from a recognised body relevant to that professional activity. For the avoidance of doubt,
professional business does not include manual labour or physical construction work, or supervision of
such that is normally the responsibility of a builder.
6.33 Proposal means the proposal form, submission and all other supporting documentation and attachments
provided to us in the application for this policy.
6.34 Public relations expenses means any reasonable fees, costs and expenses of a public relations
consultant retained with our prior written consent (which shall not be unreasonably delayed or withheld). It
does not include overheads, staff remuneration or management time of any insured or compensation or
other payments made to customers, clients or potential claims or any fines and penalties.
6.35 Retroactive date means the date specified in Item 7 of the schedule but no earlier than the
commencement of the policyholder’s professional business specified in the schedule.
6.36 Schedule means the schedule attached to this policy or any schedule subsequently substituted for it
during the insurance period and duly signed, stamped and dated by an authorised representative of us.
6.37 Statutory Liability means pecuniary penalties awarded in and under the laws of the jurisdictions of
Australia and New Zealand, against:
DUAL Australia Consultants Professional Indemnity Wording (07/15-B) 17
a) an insured for any civil offence;
b) an insured for a strict liability offence in connection with the discharge, dispersal, release or
escape of pollutants; and
c) an insured for a strict liability offence in connection with a breach of workplace health and safety
law or regulation
but solely resulting from the conduct of the policyholder’s professional business and only if we are not
legally prohibited from paying the pecuniary penalties.
6.38 Subsidiary means any entity which by virtue of any applicable legislation or law is deemed to be a
subsidiary of the policyholder or in which the policyholder owns or controls, directly or indirectly 50% of
the issued voting shares of such entity.
6.39 Terrorism means an act, including but not limited to the use of force or violence and/or the threat thereof, of
any person or group(s) of persons, whether acting alone or on behalf of or in connection with any
organisation(s) or government(s), committed for political, religious, ideological or similar purposes including
the intention to influence any government and or to put the public, or any section of the public, in fear.
6.40 Transaction means any one of the following events:
a) the policyholder consolidates with or merges into or sells all or a controlling interest in its assets to
any other person or entity or group of persons and/or entities acting in concert; or
b) any person or entity, whether individually or together with any other person or persons, entity or
entities becomes entitled to exercise more than 50% of the rights to vote at general meetings of the
policyholder or control the appointment of directors who are able to exercise a majority of votes at
Board Meetings of the policyholder; or
c) the insolvency of the policyholder; or
d) the appointment of an administrator, liquidator, receiver, receiver and manager and manager or
court appointed manager to the policyholder.
6.41 We/us/our means DUAL Australia Pty Limited, ACN 107 553 257 as agent of the Underwriters referred to
in the schedule.
Section 7: CLAIM CONDITIONS
7.1 Notification
The policyholder and/or any insured must notify us in writing of any claim or investigation, or other
relevant circumstance which may trigger this policy as soon as is reasonably practicable after they first
become aware of such circumstance and within the insurance period.
The written notice should include, so far as is reasonably practicable and so far as the relevant insured is
aware:
a) the identity of the claimant if relevant;
b) an outline of the factual matrix; and
c) an estimate of the likely quantum of any loss.
The notice must be delivered to:
The National Claims Manager
DUAL Australia Pty Limited
Level 6, 160 Sussex Street
Sydney NSW 2000
Australia
Or by email to claims@dualaustralia.com.au
Any written notice will be considered effective from the date such notice is first received by us.
DUAL Australia Consultants Professional Indemnity Wording (07/15-B) 18
7.2 Co-operation
a) The insured must, at the insured’s own cost, frankly and honestly provide us with all information,
documentation, evidence and assistance reasonably required by us and/or any lawyers,
investigators or other professionals, who may be appointed by us.
b) The insured must, at their own cost, do all things reasonably practicable to minimise any loss,
including but not limited to the insured’s liability in respect of any claim.
c) Each insured must provide us, at their own cost, with all information, assistance and co-operation
which we reasonably require, and in the event of a claim or potential claim, each insured agrees
that they will not do anything that could potentially prejudice our position or our potential or actual
rights of recovery.
d) No insured may settle any claim or incur any defence costs or assume any contractual obligation
or admit any liability with respect to any claim without our written consent.
7.3 Allocation
Our liability under this policy is limited to the proportion of loss, defence costs and legal representation
costs, which is a fair and equitable allocation as between:
a) covered and uncovered parties; and/or
b) covered and uncovered matters;
having regard to the relative legal and financial exposures attributed to the covered and uncovered matters
and/or parties. Only loss, defence costs and legal representation costs incurred by covered parties in
relation to covered matters will be covered by this policy, and is subject always to the terms and conditions
of this policy.
We will use our best endeavours to agree upon a fair and equitable allocation of the proportion covered
under this policy, having regard to the relative legal and financial exposures attributable to covered and
uncovered matters and/or parties.
If an allocation cannot be agreed then it will be determined by a suitably qualified Senior Counsel to be
mutually agreed upon or, in default of agreement, to be nominated by the then President of the Bar
Association of the jurisdiction in which the policy was underwritten. The Senior Counsel will make a
determination as an expert based on the relative legal and financial exposures attributable to covered and
uncovered matters and/or parties. Submissions made to the Senior Counsel will be in writing. Pending
Senior Counsel’s determination we will meet the loss, defence costs and legal representations costs on
an interim basis at the percentage at which we contend they should be fairly and equitably allocated. After
the allocation has been determined or agreed, such allocation will be applied retrospectively. The parties
agree to be bound by the Senior Counsel’s determination. The costs of any referral for determination to a
Senior Counsel under this clause will be borne by us.
7.4 Legal Representation and Settlement
Unless otherwise specified in a policy, it will be our duty and not the duty of the insured to defend claims
and arrange for legal representation at investigations.
The insured will not admit liability, settle any claim, make any admission, offer any payment or assume any
obligation in connection with any claim or investigation, incur any defence costs, legal representation
costs or other loss covered by this policy, without our prior written consent, which will not be unreasonably
withheld or delayed.
We will not be liable for any settlement, defence costs or other form of loss, admission, offer, payment or
assumed obligation to which we have not given our prior written consent.
We will have the right and will be given the opportunity to associate with each insured and participate in the
defence of any claim or investigation including the negotiation and settlement of a covered claim.
With respect to any claim or investigation involving more than one insured, the insureds agree that we
have the right to require such insureds to retain separate legal representation.
7.5 Order of Payments
If the payment of loss, defence costs and legal representation costs in respect of a covered claim under
a policy where such loss in the aggregate exceeds the remaining available indemnity limit, we will:
DUAL Australia Consultants Professional Indemnity Wording (07/15-B) 19
a) first pay such loss for which the policyholder does not indemnify an insured person; then
b) to the extent of any remaining amount of the indemnity limit available after payment under 7.5 a.
above, pay such loss for which coverage is provided under any other provision of this policy.
We will otherwise pay loss covered under this policy in the order in which such loss is presented to us for
payment.
7.6 Subrogation & Recoveries
Where we have paid any amount of loss under the policy, we become entitled to assume any rights
available to the insured against any party to the extent of our payment. On our request, the insured must
assign all rights of recovery against any person or entity, but only to the extent that payment has been made
under the policy.
The insured must, at its own cost, assist us and provide information as we may reasonably require, to
exercise our rights of recovery and/or subrogation. This may include providing and signing statements and
other documents and the giving of evidence.
Where a recovery is made, the proceeds of such a recovery will be applied as follows:
a) firstly, to the satisfaction of all costs incurred in effecting the recovery;
b) secondly, to the insured for the amount of loss in excess of the indemnity limit specified in the
schedule which is also in excess of any excess insurance purchased over this policy;
c) thirdly, to us and any excess insurers amounts paid under the policy and such excess policies;
d) finally, to the insured for the amount paid in respect of the deductible.
Section 8: GENERAL CONDITIONS
The following General Conditions apply to all policies purchased and shown as having been purchased in
the schedule.
Each policy purchased is to be read and interpreted as a separate contract of insurance with its own
separate indemnity limit, unless specified otherwise in the schedule.
8.1 Interpretation
Words and phrases appearing in bold text and where used in a policy, have the meaning defined in that
policy or policies purchased by the policyholder as shown in the schedule.
To the extent that there are any inconsistencies between the policy and this General Conditions Section,
the terms and conditions contained in the policy will prevail.
In the policy:
a) the singular includes the plural and the masculine includes the feminine;
b) the headings are for descriptive purposes only; and
c) in the event that any portion of the policy is found to be invalid or unenforceable, the remainder will
remain in full force and effect.
8.2 Goods & Services Tax
We will charge an appropriate amount to the policyholder on account of GST.
It is the duty of the policyholder to inform us whether or not it is entitled to an Input Tax Credit in relation to
any amounts claimed under this policy.
Our liability to pay loss under this policy will be calculated having regard the policyholder or any other
insured’s entitlement to claim an Input Tax Credit.
No payment will be made to the policyholder, for any GST liability on account of a covered claim or
investigation.
DUAL Australia Consultants Professional Indemnity Wording (07/15-B) 20
GST, Goods & Services Tax and Input Tax Credit have the meanings attributed to them under the A New
Tax System (Goods and Services Tax) Act 1999 (Commonwealth).
8.3 Alteration to Risk
The insured must notify us in writing as soon as practicable of any material alteration to the risk during the
insurance period including:
a) The insured going into voluntary bankruptcy, receivership, administration or liquidation; or
b) The insured failing to pay debts as and when those debts become due; or
c) The insured breaching any other obligation giving rise to the appointment of a receiver or the
commencement of bankruptcy or winding up proceedings; or
d) Any material change in the nature of the professional business.
We may not cover the insured for any claim if the insured does not notify us in writing as soon as
practicable of any material alteration to risk.
If during the insurance period a transaction occurs then the cover under the policy will only apply to any
act, error or omission committed prior to the effective date of the transaction.
If, during the insurance period, the policyholder decides to make a public offering of its securities in any
jurisdiction the policyholder must provide us with any prospectus or offering statement for our review and
assessment. We will be entitled to amend the terms and conditions of any policy and/or charge an
additional premium reflecting any potential increase in exposure, which we deem reasonable.
8.4 Assignment
The insured must not assign the policy or any rights under the policy without our prior written consent by
way of endorsement to the policy.
8.5 Cancellation
The policyholder may cancel any policy at any time by providing us with a minimum of 14 days written
notice.
We may only cancel the policy for non-payment of premium and must do so in accordance with the
provisions of the Insurance Contracts Act 1984 (Commonwealth).
Provided that there have been no claims or notifications made on or under the policy, we agree to allow a
refund of premium calculated on a pro-rata basis plus 15% of the full annual premium.
8.6 Several Liability of Underwriters
The obligations of our subscribing Underwriters, where there is more than one Underwriter referred to in the
Schedule subscribing to the policy, are several and not joint and are limited solely to the extent of their
individual subscriptions. No subscribing Underwriter is responsible for the subscription of any co-subscribing
Underwriter who, for any reason, does not satisfy all or part of its obligations.
8.7 Confidentiality
The insured must not disclose, either personally or through any person or entity acting on the insured’s
behalf or at the insured’s direction, to any third party:
a) the existence of this policy;
b) the nature of the indemnity provided;
c) the indemnity limit; or
d) the amount of premium paid.
However, the insured may disclose the above matters to the extent that:
a) the insured is required to do so by law; or
DUAL Australia Consultants Professional Indemnity Wording (07/15-B) 21
b) we consent to the disclosure in writing; or
c) we provide a Certificate of Currency which can be provided to third parties.
8.8 Territorial Scope
Unless otherwise stated in the schedule and subject to clause 8.9, cover provided under this policy
extends to the conduct of the policyholder’s professional business anywhere in the world.
8.9 Jurisdictional Limitation
Unless otherwise stated in the schedule, cover provided under this policy extends to loss with respect to a
claim or investigation brought and maintained anywhere in the world, except within the territorial limits of
the United States of America or Canada or their respective territories or protectorates or to enforce any
judgment, order or award obtained in or determined under the laws of the United States of America or the
Canada or their territories or protectorates.
8.10 Governing Law
This policy is governed by the laws of the Commonwealth of Australia and/or the State or Territory of
Australia where the policy was issued. Any dispute relating to policy interpretation will be submitted to the
exclusive jurisdiction of the Courts of the State or Territory where the policy was issued.
8.11 Indemnity Limit
a) Subject to any Extension of coverage which states otherwise, our total liability under the policy in
respect of any one claim or investigation, and in the aggregate for all claims and investigations
for all insureds, will not exceed the indemnity limit inclusive of all loss.
b) The schedule will indicate the indemnity limit applicable to each policy. If more than one policy
has been purchased, the schedule will also indicate the aggregate indemnity limit for all policies
which have been purchased by the policyholder.
c) We will have no liability in excess of the sub-limits specified in the schedule in the aggregate for the
applicable extension of cover, irrespective of the number of policy sections, which respond to the
claim or investigation. In such circumstances, we will apply the higher of the sub-limits or
indemnity limit available.
d) For the purposes of determining the indemnity limit available for each claim covered by the
policy, all claims arising from the same act, error or omission, or related acts, errors or omissions,
shall be regarded as one claim.
8.12 Deductible
a) Our liability under this policy for loss will only apply to that part of each loss, defence costs and
legal representation costs which is in excess of the deductible specified in the schedule. Such
deductible will be borne by the insured, except where otherwise provided.
b) Unless otherwise expressed in the schedule, all deductibles are inclusive of defence costs and/or
investigation costs and/or loss to the amount of the deductible.
c) Except as otherwise stated in the policy, costs and expenses incurred by us in determining
whether we are liable to indemnify the insured under the policy will not erode the indemnity limit
and will be met by us.
d) For the purposes of determining the deductible(s) applicable to any claim(s) covered by the
policy, all claims arising from the same act, error or omission, or related acts, errors or omissions,
shall be regarded as one claim.
8.13 Severability, Non-Imputation and Non-Avoidance
No state of mind or knowledge possessed by any one insured person will be imputed to any other insured
person for the purpose of determining whether any provision in this policy applies. However, any state of
mind or knowledge possessed by any past or present chairman of the board, chief executive officer, chief
operating officer or chief financial officer of the policyholder or any subsidiary will be imputed to the
policyholder.
We agree not to rescind or avoid this policy in whole or in part, for any reason.
We waive all rights under section 28(3) of the Insurance Contracts Act 1984 (Commonwealth) for nonfraudulent non-disclosure or non-fraudulent misrepresentation by an insured.
DUAL Australia Consultants Professional Indemnity Wording (07/15-B) 22
If we are entitled to reduce our liability pursuant to section 28(3) of the Insurance Contracts Act 1984
(Commonwealth) as a result of fraudulent non-disclosure or fraudulent misrepresentation, we will only
reduce our liability under the policy in respect of such insureds who were involved in or were aware of the
fraudulent non-disclosure or fraudulent misrepresentation.
8.14 Preservation of Right to Indemnity
In the event and to the extent that the policyholder has not indemnified an insured person but is legally
permitted or required to do so in respect of a claim or investigation, but for whatever reason, refuses to do
so, then we will pay on behalf of the insured person any loss arising from the claim, defence costs or
legal representation costs within the deductible and, the applicable deductible will be paid by the
policyholder to us.
8.15 Other Insurance
As permitted by the Insurance Contracts Act 1984 (Cth), this policy will only cover loss to the extent that
the amount of such loss is in excess of any indemnity or cover available to the insured in respect of that
loss under the other insurance policy/policies listed in the schedule.
8.16 Currency
Any reference to premium, limits, deductibles, loss, defence costs, legal representation costs or any
other amounts payable by us under this policy are expressed and are payable in Australian Dollars. Where
any payment is to be made into an admitted foreign jurisdiction, such payment is to be made and
denominated in Australian Dollars at the cash rate for the purchase of Australian Dollars set by the Reserve
Bank of Australia as at 4.00pm on the date which the foreign payment becomes due.
8.17 Complaints Procedures
Any inquiry or complaint relating to this Insurance should be referred to us in the first instance. If we are
unable to resolve the matter or you are not satisfied with the way a complaint has been dealt with, you
should write to:
Lloyd’s Underwriters’ General Representative in Australia
Suite 2, Level 21 Angel Place 123 Pitt Street Sydney NSW 2000
Telephone Number: (02) 9223 1433
Facsimile Number: (02) 9223 1466
who will refer your dispute to Policyholder & Market Assistance at Lloyd’s.
8.18 Service of Legal Notices
The Underwriters agree that any Summons, Writ or other like legal Notice or Process, which is to be served
upon the Underwriters may be served upon Lloyd’s General Representative at Lloyd’s Australia:
Lloyd’s Underwriters’ General Representative in Australia
Suite 2, Level 21 Angel Place 123 Pitt Street Sydney NSW 2000
Telephone Number: (02) 9223 1433
Facsimile Number: (02) 9223 1466
who has authority to accept service and to enter an appearance on Underwriters’ behalf, and who is
directed at the request of the insured (or reinsured) to give a written undertaking to the insured (or
reinsured) that he will enter an appearance on Underwriters’ behalf.
If a suit is instituted against any one of the Underwriters all Underwriters hereon will abide by the final
decision of such Court or any competent Appellate Court.
8.19 General Insurance Code of Practice
This policy is compliant with the Insurance Council of Australia’s General Insurance Code of Practice.
Underwriters at Lloyd’s and DUAL Australia proudly support the General Insurance Code of Practice. The
purpose of the Code is to raise standards of practice and service in the general insurance industry.
A copy of the General Insurance Code of Practice is available by contacting DUAL Australia or is available
for download from:
www.codeofpractice.com.au
DUAL Australia Consultants Professional Indemnity Wording (07/15-B) 23