OCV Members | Professional Indemnity Insurance
Who needs Professional Indemnity Insurance?
Anyone who gives advice and/or services that require a special skill might be regarded as a 'professional'. That means persons other than those in 'traditional' professions, such as doctors and lawyers, are now considered to be professionals – including OC managers.
Why does a professional need a Professional Indemnity policy?
Even professionals are only human and mistakes do happen. If there is an error omission that causes someone else “damage”, a professional may also be held to be liable even though there was no negligence.
What protection will a Professional Indemnity policy provide?
Insurance is the best protection against claims of professional negligence. The policy designed by Whitbread Insurance Brokers in conjunction with the OCV has been specifically designed to cover the needs of OC Managers.
What is a ‘claims made’ policy? How does it differ from an ‘occurrence policy’?
Most policies, such as Public Liability, Home and Car Insurance require you to have a policy in place on the date the claim happens. With Professional Indemnity Insurance, you need to have a policy in place on the day someone makes the claim against you, even if it is years after the event.
What fact, situation or circumstance should I notify to an insurer?
All of them! If anyone lets you know that they are thinking of claiming against you, let your insurer know immediately.
What is meant by a ‘known circumstance’?
Claims arising after the policy inception, which are due to circumstances you already knew (or should have known) at the time of the policy inception, are excluded. This is because at the time of entering into the insurance, there was a real possibility that a claim may eventuate. So, if you are thinking of changing insurers and are aware of a possible claim, make sure your current insurers are notified NOW of this event. You will also need to advise this to any subsequent insurers under your Duty of Disclosure.
What is the retroactive date?
Retroactive date is the date after which acts, errors or omissions of the insured are covered. For most OC Managers, this date will be the date on which they first started practicing. If you are not currently insured under the Whitbread/OCV policy, we will cover you from this date as long as you supply a copy of your current policy.
What is automatic reinstatement?
Unlike other forms of liability insurance, the sum insured of the Professional Indemnity policy is limited so that the limit applies to the aggregate of all claims against the policy in the policy period. The automatic reinstatement allows this aggregate limit to be doubled, while the limit for any one claim remains the limit of the sum insured.
Is there cover for Bodily Injury and Property Damage under a Professional Indemnity Insurance policy?
Under some Professional Indemnity Insurance policies, there is either no cover or limited cover for subsequent Bodily Injury or Property Damage as a result of the professional negligence of the OC Manager. Under the Whitbread/OCV policy, you are covered up to the total value of the limit of indemnity for these eventualities. Imagine if an Owners Corporation instructs you to arrange for maintenance on some stairs which have moss growing on them. You instruct a cleaning contractor to perform the work, but he doesn’t show up and you don’t follow him up. Two weeks later, a tenant falls down the stairs and injures themselves. Are you covered by your current policy?
If you would like a broker to contact you regarding our offer, please click here and complete the form. A broker will contact you shortly.
Please Note:
This product is issued by Dual Australia Pty Ltd ABN 16 107 553 257 AFL 280193. To decide if it is right for you please carefully read the Product Disclosure Statement – Strata Manager Wording (04/09) before making any decision. You can obtain a Product Disclosure Statement from Whitbread Insurance Brokers.
Who needs Professional Indemnity Insurance?
Anyone who gives advice and/or services that require a special skill might be regarded as a 'professional'. That means persons other than those in 'traditional' professions, such as doctors and lawyers, are now considered to be professionals – including OC managers.
Why does a professional need a Professional Indemnity policy?
Even professionals are only human and mistakes do happen. If there is an error omission that causes someone else “damage”, a professional may also be held to be liable even though there was no negligence.
What protection will a Professional Indemnity policy provide?
Insurance is the best protection against claims of professional negligence. The policy designed by Whitbread Insurance Brokers in conjunction with the OCV has been specifically designed to cover the needs of OC Managers.
What is a ‘claims made’ policy? How does it differ from an ‘occurrence policy’?
Most policies, such as Public Liability, Home and Car Insurance require you to have a policy in place on the date the claim happens. With Professional Indemnity Insurance, you need to have a policy in place on the day someone makes the claim against you, even if it is years after the event.
What fact, situation or circumstance should I notify to an insurer?
All of them! If anyone lets you know that they are thinking of claiming against you, let your insurer know immediately.
What is meant by a ‘known circumstance’?
Claims arising after the policy inception, which are due to circumstances you already knew (or should have known) at the time of the policy inception, are excluded. This is because at the time of entering into the insurance, there was a real possibility that a claim may eventuate. So, if you are thinking of changing insurers and are aware of a possible claim, make sure your current insurers are notified NOW of this event. You will also need to advise this to any subsequent insurers under your Duty of Disclosure.
What is the retroactive date?
Retroactive date is the date after which acts, errors or omissions of the insured are covered. For most OC Managers, this date will be the date on which they first started practicing. If you are not currently insured under the Whitbread/OCV policy, we will cover you from this date as long as you supply a copy of your current policy.
What is automatic reinstatement?
Unlike other forms of liability insurance, the sum insured of the Professional Indemnity policy is limited so that the limit applies to the aggregate of all claims against the policy in the policy period. The automatic reinstatement allows this aggregate limit to be doubled, while the limit for any one claim remains the limit of the sum insured.
Is there cover for Bodily Injury and Property Damage under a Professional Indemnity Insurance policy?
Under some Professional Indemnity Insurance policies, there is either no cover or limited cover for subsequent Bodily Injury or Property Damage as a result of the professional negligence of the OC Manager. Under the Whitbread/OCV policy, you are covered up to the total value of the limit of indemnity for these eventualities. Imagine if an Owners Corporation instructs you to arrange for maintenance on some stairs which have moss growing on them. You instruct a cleaning contractor to perform the work, but he doesn’t show up and you don’t follow him up. Two weeks later, a tenant falls down the stairs and injures themselves. Are you covered by your current policy?
If you would like a broker to contact you regarding our offer, please click here and complete the form. A broker will contact you shortly.
Please Note:
This product is issued by Dual Australia Pty Ltd ABN 16 107 553 257 AFL 280193. To decide if it is right for you please carefully read the Product Disclosure Statement – Strata Manager Wording (04/09) before making any decision. You can obtain a Product Disclosure Statement from Whitbread Insurance Brokers.
