All cover · Professional indemnity
Delta Insurance vs NZI — Professional indemnity
Professional indemnity covers your civil liability for claims arising from professional services. Every NZ retail PI wording is claims-made — the retroactive date and run-off availability decide whether old work is covered when you change insurers or close the business.
Delta Insurance
Delta Insurance New Zealand Limited
Wording on file: Delta Professional Indemnity
Effective: 2023-04-01
Tier D (blocked) FCIB panel
NZI
IAG New Zealand Limited (NZI brand)
Wording on file: NZI Professional Indemnity
Effective: 2018-06-01
Tier D (blocked) FCIB panel
Side-by-side fact comparison
Each row is a fact-key from the Professional indemnity wording. "Not on file" means either the wording doesn't address that fact, or Phase C structured-facts extraction hasn't been run yet on this insurer's wording.
| Fact | Delta Insurance | NZI |
|---|---|---|
| limit of indemnity options | Not on file | Not on file |
| claims made trigger | The Underwriters will indemnify the Insured for the Damages and Defence Costs resulting from any Claim first made against the Insured and notified to the Underwriters during the Policy Period for civil liability for compensation in the performance of Professional Business Services. | first made against the insured and notified to us during the period of insurance or within 30 days of its expiry |
| retroactive date handling | Exclusion 4.16: arising out of, based upon or attributable to any event, act, error or omission occurring or alleged to have occurred prior to the Retroactive Date stated in Item 6 of the Schedule. | Cover applies for any actual or alleged act, error, omission or conduct in connection with the insured's professional services that happened after the retroactive date. The retroactive date is the 'Retroactive date' shown in the schedule. |
| run off availability | Not on file | If we do not offer to renew this policy, then the insured may extend cover under this policy for another 12 months. The insured must give notice within 30 days of our refusal to renew and pay an additional premium of 50% of the last annual premium. This extension does not provide a new limit of indemnity for the extended period. |
| defence costs in or outside limit | outside_limit | outside_limit |
| dishonesty exclusion carve out | Exclusion 4.7(a) shall apply to Automatic Extension 2.4 but only to dishonest or fraudulent acts or omissions occurring after discovery by the Insured of reasonable cause for suspicion of any such act or omission. Exclusion 4.7(a) shall not apply to any Insured who is innocent of committing or condoning any such dishonest or fraudulent act or omission. | We will cover the insured for civil liability arising from a dishonest, fraudulent, criminal or malicious act or omission of an employee provided that the insured: (a) maintains a separate trust account for client funds which must be audited annually by a qualified independent auditor or accountant, and (b) has dual authorisation requirements for all payments or withdrawals from the trust account. There is no cover under this extension for any person committing or condoning any dishonest fraudulent, criminal or malicious act or omission. Exclusion 4.10 'Fraud or dishonesty' does not apply to this extension. |
| territory | This Policy applies to: a. Professional Business Services performed, or any other matters which give rise to coverage under this Policy which take place, anywhere in the world; and b. Claims brought against the Insured anywhere in the world except any such Claim brought in the United States of America, Canada or any possession or territory of either such country or any legal proceeding brought to enforce a judgment obtained in any such country, possession or territory. | As specified in the schedule; exclusion 4.24 applies to any claim arising from or in connection with any act, error, omission or conduct that occurred outside of the territorial limit specified in the schedule. |
| jurisdiction | This Policy and any issue, including all and any disputes, relating to its formation, construction, validity or operation shall be determined by the laws of New Zealand whose Courts shall have exclusive jurisdiction to hear any dispute. | The law of New Zealand applies to disputes about this policy and the New Zealand Courts have exclusive jurisdiction. |
| aggregation basis | All Claims arising out of, based upon or attributable to: a. the same acts, errors or omissions; b. a series of related acts, errors or omissions; or c. the same matter or transaction, shall be considered a single Claim for the purposes of this Policy. A single Excess amount shall apply to all Damages from all Related Claims. | Where more than one claim arises out of the same act, error, omission or conduct or connected or interrelated acts, errors, omissions or conduct then all those claims will be treated as one claim for the purposes of the application of the limit of indemnity. |
| key exclusions | [ "4.1 Asbestos", "4.2 Associates", "4.3 Assumed Duty or Obligation", "4.4 Bodily Injury/Property Damage (subject to professional duty carve-out)", "4.5 Contractual Liability (subject to Section 2.14 carve-out)", "4.6 Fines and Penalties (including punitive, aggravated, multiple, exemplary or other non-compensatory damages)", "4.7 Fraud and Dishonesty (subject to innocent insured carve-out)", "4.8 Infrastructure", "4.9 Insolvency", "4.10 Investment Advice", "4.11 Land, Building, Transport", "4.12 Pollution", "4.13 Prior Claims, Knowledge and Notice", "4.14 Products", "4.15 Radioactive Contamination and Explosive Nuclear Assemblies", "4.16 Retroactive Date", "4.17 Sanctions", "4.18 Terrorism (excluding cyber terrorism)", "4.19 War and Civil War" ] | [ "4.1 Asbestos", "4.2 Building defects (moisture/water penetration, mould/fungi/rot/decay, failure to comply with building code, failure to meet performance/fitness standards)", "4.3 Contractual liability (unless insured would have been liable absent the contractual assumption)", "4.4 Defamation", "4.5 Director's liability (acting in capacity as director or officer of a company)", "4.6 Fair Trading Act 1986 or equivalent legislation", "4.7 Financial condition (insolvency, bankruptcy, receivership, statutory management or liquidation of the insured)", "4.8 Fines and penalties (fines or penalties whether under contract or statute; punitive, aggravated, liquidated, or exemplary damages)", "4.9 Foreign courts", "4.10 Fraud or dishonesty", "4.11 Intellectual property (breach of confidential information, plagiarism, copyright/design/trademark infringement, patent infringement)", "4.12 Intentional or reckless acts (wilful or intentional breach of statute; acts committed with reckless disregard for consequences)", "4.13 Joint venture liability", "4.14 Known claims and circumstances", "4.15 Loss of documents", "4.16 Nuclear", "4.17 Obligations to employees (breach of any obligation as an employer)", "4.18 Pollution", "4.19 Product liability (sale, supply, installation or manufacture of goods)", "4.20 Property liability (ownership, possession or use of land, buildings, aircraft, watercraft or vehicle)", "4.21 Refund of fees", "4.22 Related party claims", "4.23 Sanctions", "4.24 Territorial limits", "4.25 Terrorism", "4.26 War" ] |
| excess default | The applicable Excess set forth in Item 4 of the Schedule shall apply to each and every Claim or other matter giving rise to coverage under this Policy. The Excess shall not apply to Automatic Extension 2.5, Automatic Extension 2.6 or Defence Costs. | The excess is the amount specified as the 'Excess' in the schedule or as specified in any extension. The excess applies to any defence costs covered under this policy. We will only pay that part of defence costs that exceeds the amount of the excess. |
| automatic extensions | [ "2.1 Vicarious Liability", "2.2 Defamation", "2.3 Intellectual Property", "2.4 Dishonest or Fraudulent Employees", "2.5 Loss of Documents", "2.6 Compensation for Attendance", "2.7 Quasi-Judicial", "2.8 Fair Trading Act 1986", "2.9 Continuous Cover", "2.10 Estate Extension", "2.11 Marital and Domestic Partner", "2.12 Loss Mitigation", "2.13 Joint Ventures and Partnerships", "2.14 Contractual Liability" ] | [ "3.1 Automatic reinstatement", "3.2 Consultants and sub-contractors", "3.3 Continuity of cover", "3.4 Court attendance costs ($500 per day for principal/partner/director; $250 per day for employee; maximum $20,000 per period of insurance)", "3.5 Defamation (unintentional)", "3.6 Disciplinary proceeding costs (excess of $1,000 applies)", "3.7 Dishonesty of employees (subject to trust account and dual authorisation conditions)", "3.8 Extended reporting period", "3.9 Fair Trading Act", "3.10 Fiduciary duty", "3.11 Incoming partners and directors", "3.12 Intellectual property (unintentional breach of confidential information, plagiarism, or unintentional infringement of copyright, design or trademark)", "3.13 Joint venture liability", "3.14 Loss of documents", "3.15 New subsidiary", "3.16 Public relations expenses (maximum $25,000 per period of insurance)" ] |
| fair trading act handling | The Underwriters will indemnify the Insured for the Damages and Defence Costs resulting from any Claim made against the Insured under the terms of the Fair Trading Act 1986 (sections 9 to 14) or any similar fair trading legislation enacted by the Dominion of New Zealand or the States or Territories of the Commonwealth of Australia. | We will cover the insured for civil liability arising from a breach of the Fair Trading Act 1986 (or equivalent legislation in Australia where the jurisdiction specified in the schedule includes Australia). Exclusion 4.6 'Fair Trading Act' does not apply to this extension. |
| investigation costs covered | The Underwriters will indemnify the Insured in relation to any complaint or investigation against the Insured by a professional or statutory body which has jurisdiction to investigate and adjudicate in such a situation, provided that any such investigation or complaint has been notified to the Underwriters during the Policy Period, for: a. all orders or determinations of compensation against the Insured; and b. any Defence Costs incurred by or on behalf of the Insured. This coverage is subject to a Sublimit of Liability as specified in Item 5 of the Schedule. In addition to the applicable Sublimit of Liability, Defence Costs are payable under this Automatic Extension 2.7 in an amount up to $100,000 NZD. | We will cover the insured for defence costs reasonably and necessarily incurred with our prior written consent in relation to disciplinary proceedings first instituted against the insured and notified to us during the period of insurance or within 30 days of its expiry (extension 3.6). |
| contractual liability extension | Notwithstanding Exclusion 4.5, the Underwriters will indemnify the Insured for the Damages and Defence Costs resulting from any Claim for any contractual liability or obligation arising from the following warranties or guarantees made by the Insured: a. that the Insured will use reasonable care and skill in the performance of Professional Business Services; b. that the Professional Business Services will not infringe upon any Intellectual Property Rights; or c. that the Professional Business Services will substantially conform to all material, written specifications. | This policy does not cover any claim arising from or in connection with any contractual liability, warranty or guarantee assumed or provided by the insured except if the insured would have been liable in the absence of the contractual liability, warranty or guarantee. |
| occurrence basis vs claims made | claims_made | claims_made |
| products liability specific exclusions | [ "arising out of, based upon or attributable to any Insured, or any party for whom the Insured is responsible, having supplied, manufactured, constructed, altered, repaired, treated, sold, recalled, fabricated, distributed, installed or maintained any goods or products" ] | Not on file |
| insured vs insured exclusion | Not on file | This policy does not cover any claim brought by, or maintained on behalf of, any person, firm, company or entity: (a) that is entitled to cover under this policy, (b) that is a subsidiary of the insured, (c) that is operated or controlled by any insured or any employee, partner, family member, nominee or trustee of any insured, (d) in which any insured or any family member has a direct or indirect financial interest (a shareholding of less than 5% in a publicly listed company will not constitute a financial interest), (e) who at the time of the act, error, omission or conduct that gave rise to the claim was a family member, (f) that was advised or induced by the insured to invest in or lend money to, the insured or to any person, firm, company or entity referred to in any of (a) to (d) above. |