NTAA PI Details
Extent of Professional Indemnity cover for NTAA members
We have listened to our brokers and produced a clearer and simpler wording with one of the broadest covers available on today's market. We have achieved this by reducing, by half, the number of words used and removed the legal jargon that could cause confusion.
Extra Reinstatements of the Limit of Indemnity (Limit)
The policy has unlimited reinstatements of the Sum Insured. For example if you have a Limit of $500,000 that is exhausted by a claim up to this amount the Limit is automatically reinstated.
Legal Fees in addition to the Limit
The most damaging or costly part of a claim is often legal costs. The costs to attend just one day at a Magistrates Court (as well as the preliminary legal discussions) can severely impede your cash-flow - all this to prove that you may not have been negligent or responsible.
This policy also has legal fees in addition to the Limit. There is a $500,000 Limit for the claim as well as the same amount for legal costs ($500,000 in this example).
Costs Exclusive
If the Insurer does not have to pay an amount for compensation (the claim) as you were not responsible or negligent then you will not be required to pay the excess.
Costs Inclusive - Audit Excess
This amount is payable immediately following lodgement of a claim.
Full Civil Liability Wording
The full Civil Liability wording includes:
- Fraud and dishonesty of staff;
- Breach of confidentiality;
- Defamation;
- Continuous Cover;
- Unintentional breach of copyright;
- Loss of Documents; and
- Trade Practices Act.
Worldwide Territorial
We cover a claim or anything giving rise to a claim that arises from anything done anywhere in the world (excl. USA and Canada).
(Please refer to the policy wording for full details of covers, conditions, exclusions and deductions).