Dual New Zealand vs vero — Management liability

Management liability is a packaged cover for private companies bundling D&O, employment practices liability, statutory liability, tax investigation and crime into a single policy. Module coverage and sub-limits vary materially by insurer.

Dual New Zealand

Dual New Zealand Limited

Wording on file: Dual Management Liability
Effective: 2019-03-01
Tier D (blocked) FCIB panel

Source PDF →

vero

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Not on file — request latest wording from vero via FCIB.

Side-by-side fact comparison

Each row is a fact-key from the Management liability 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	Dual New Zealand	vero
limit of indemnity options	Not on file	Not on file
modules included	[ "Cover for You (Side A D&O)", "D&O / Company Reimbursement (Side B)", "Entity Cover (Side C)", "Employment Practices", "Trustee", "Taxation Investigation", "Crime" ]	Not on file
employment practices module	Insuring Clause 1.2(d): In respect of any claim first made against the company, and reported to us during the insurance period for an employment practice breach. Sub-limit as specified in the schedule, forming part of and not in addition to the indemnity limit.	Not on file
statutory module	Not on file	Not on file
tax investigation module	Insuring Clause 1.2(f) (Taxation Investigation): Where during the insurance period the company has both received a tax audit notice and reported it to us, we will provide cover to the company for necessary and reasonable tax audit costs incurred by the company up to the completion of the audit or investigation. The total amount payable in respect of all tax audit notices in the insurance period shall not exceed the sub-limit specified in the schedule. This sub-limit forms part of and is not payable in addition to the indemnity limit.	Not on file
crime module	Insuring Clause 1.2(a) (Crime): First discovered during the insurance period which results from a dishonest act of an associated person acting alone or in collusion with others, or of a third party committed with the intention of causing the company to sustain a direct financial loss. The total amount payable for any one direct financial loss and for all direct financial losses in the aggregate during the insurance period inclusive of costs and expenses shall not exceed the sub-limit specified in the schedule. This sub-limit forms part of, and is not payable in addition to, the indemnity limit.	Not on file
defence costs in or outside limit	outside_limit	Not on file
aggregation basis	All claims which arise out of or are attributable to or are in any way connected with a single wrongful act, employment practice breach, trustee breach or dishonest act shall constitute a single claim for the purposes of this policy. A single wrongful act, employment practice breach, trustee breach or dishonest act means all respective wrongful acts, employment practice breaches, trustee breaches or dishonest acts 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.	Not on file
key exclusions	[ "3.1 Bodily Injury / Property Damage (except mental anguish/emotional distress alleging employment practice breach)", "3.2 Breach of Professional Duty", "3.3 Defamation, Breach of Privacy and Intellectual Property (subject to 2.15 Internet Liability carve-out)", "3.4 Insolvency", "3.5 Insured v Insured (subject to carve-outs)", "3.6 Major Shareholder (claims by shareholders owning ≥15% voting share capital)", "3.7 Pollution (subject to 2.23 Pollution Defence Costs carve-out)", "3.8 Prospectus Liability (except private placements)", "3.9 Superannuation Liabilities", "3.10 Wilful Conduct (personal profit, insider trading, wilful breach of Act of Parliament – only applies after judgment/adjudication/admission)", "3.11(a) Consequential Loss (Crime)", "3.11(b) Credit Risks (Crime)", "3.11(c) Dual Controls (Crime)", "3.11(d)-(e) Fees, Costs or Expenses / Fire (Crime)", "3.11(f) Intellectual Property and Confidential Information (Crime)", "3.11(g) Inventory Computation Losses (Crime)", "3.11(h) Liabilities to Third Parties (Crime)", "3.11(i) Loss Sustained After Knowledge (Crime)", "3.11(j) Non-Violent Crime (Crime)", "3.11(k) Premises Damage (Crime)", "3.11(l) Prior or Subsequent Discovery of Loss (Crime)", "3.11(m) Reckless Conduct (Crime)", "3.11(n) Securities Trading (Crime)", "3.11(o) Voluntary Exchange or Purchase (Crime)", "3.11(p) Theft or Fraud by Directors/Officers owning >5% share capital (Crime)", "3.12 Various Crime discovery and knowledge-based exclusions", "3.13(a) Intellectual Property (Entity)", "3.13(b) Anti-trust / Restrictive Trade Practices (Entity)", "3.13(c) Contractual Liability (Entity, except employment practice breach)", "3.13(d) Fines, penalties or non-monetary relief (Entity)", "3.13(e) Leave obligations (Entity)", "3.13(f) Workers' compensation / OHS / disability / unemployment / retirement benefits obligations (Entity)", "3.14(a)-(i) Taxation Investigation exclusions including delay/non-compliance with IRD, non-NZ income, customs, fraudulent acts, criminal prosecution, unqualified returns, completed audits" ]	Not on file
territory	The incident must occur in New Zealand (per Automatic Coverage Clause 2.25); jurisdictional limit for dishonest acts as specified in the schedule.	Not on file
jurisdiction	The insurance provided by this policy shall apply only to dishonest acts committed within the Jurisdictional Limit specified in the schedule unless otherwise stated.	Not on file
hswa handling	Notwithstanding Exclusion 3.1 (Bodily Injury / Property Damage), we agree to pay defence costs in respect of any claim that is both first made against an insured and first reported to us during the insurance period where such claim arises from a breach or alleged breach of the Health and Safety in Work Act 2015 (or any amendment or re-enactment thereof), or any other New Zealand or Australian legislation governing workplace conditions and procedures. This automatic extension will not apply if the insured has cover under a Statutory Liability Policy.	Not on file
claims made trigger	We agree to pay on behalf of each insured person all loss up to the indemnity limit arising out of any claim first: a. made against such insured person, and b. reported to us during the insurance period	Not on file
automatic extensions	[ "2.1 Automatic Reinstatement for Insured Persons", "2.2 Continuous Cover", "2.3 Contractual Penalties", "2.4 Crime Investigation Fees", "2.5 Crisis Containment", "2.6 Discovery Period", "2.7 Disposal of Subsidiary", "2.8 Emergency Defence Costs", "2.9 Employee Plans", "2.10 Extortion", "2.11 Former Subsidiary Cover", "2.12 Heirs, Estates and Legal Representatives", "2.13 Insured v Insured – Defence Costs", "2.14 Interest Receivable or Payable", "2.15 Internet Liability", "2.16 New Subsidiary", "2.17 Occupational Health and Safety (Health and Safety in Work Act 2015 defence costs)", "2.18 Official Investigations and Inquiries", "2.19 Order Of Payment", "2.20 Outside Directorship Cover", "2.21 Panel Counsel", "2.22 Physical Loss or Destruction of or Damage to Money or Securities", "2.23 Pollution Defence Costs", "2.24 Positive Defence Costs For Claims", "2.25 Public Relations Cover", "2.26 Retirement Cover (84 month automatic discovery period)", "2.27 Software Reconstitution Costs", "2.28 Spousal Liability Cover" ]	Not on file
run off availability	The insured may give written notice to us during the discovery periods as specified in (a) to (c) below of any claim first made in respect of a wrongful act or dishonest act occurring prior to the end of the insurance period. If written notice is given to us: a. within 30 days of the end of the insurance period, then we will grant cover automatically with no additional premium payable; or b. within 12 months of the end of the insurance period, then we will grant cover if the insured requests such period in writing within 15 days after the end of the insurance period and tenders an additional premium of 100% of the annual premium level within 30 days of the end of the insurance period; or c. within 84 months of the end of the insurance period, then we will grant cover if a transaction takes place and the insured 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 decide.	Not on file
side a b c structure	Insuring Clause 1.1 (Cover for You) provides Side A cover for insured persons where the company is not permitted or required to indemnify. Insuring Clause 1.2(b) (D&O / Company Reimbursement) provides Side B cover where the company is permitted or required to indemnify. Insuring Clause 1.2(c) (Entity) provides Side C entity cover for claims made against the company for a wrongful act.	Not on file
retroactive date handling	This policy only provides cover in respect of wrongful acts, employment practice breaches, trustee breaches and dishonest acts committed or allegedly committed after the retroactive date.	Not on file
investigation costs covered	Under Insuring Clause 1.2 (a) Crime and subject to Clause 4.9 Notification of Direct Financial Loss, we will pay the reasonable and necessary fees, costs and expenses of a fraud investigator nominated by the company and approved in writing by us to establish the amount of any direct financial loss notified to us and covered by the policy, in excess of the deductible applicable for Insuring Clause 1.2 (a) Crime. The sub-limit for this Automatic Coverage Clause is specified in the schedule and is in addition to the sub-limit applicable for Insuring Clause 1.2 (a) Crime displayed in the schedule.	Not on file
aggregate or separate limits	Sub-limits for Crime (1.2a), Entity (1.2c), Employment Practices (1.2d), and Taxation Investigation (1.2f) each form part of, and are not payable in addition to, the indemnity limit. Defence costs are payable in addition to the indemnity limit up to the same amount as the indemnity limit. Automatic Reinstatement applies for insured persons under Insuring Clauses 1.1 and 1.2(b) only, up to twice the indemnity limit.	Not on file
insured vs insured exclusion	Exclusion 3.5: Any claim which is brought by or on behalf of the company or any outside entity provided, however, that this exclusion shall not apply to: a. any claim brought or maintained by the company for contribution or indemnity, if the claim directly results from another claim otherwise covered under the policy; b. any claim brought or maintained on behalf of the company or any outside entity by any external administrator appointed by a Court and such claim is brought without the solicitation, assistance or co-operation of any insured person; c. any shareholder derivative action brought or maintained on behalf of the company or any outside entity without the solicitation, assistance or co-operation of an insured person; or d. any claim instigated by any regulatory authority on behalf of the company or any outside entity without the solicitation, assistance or co-operation of an insured person.	Not on file
dishonesty exclusion carve out	We will not rely on General Exclusion 6.8 (Dishonesty) until there is a judgment against, final adjudication against, or admission by the insured that the relevant conduct by the insured did occur. (Insuring Clause 1.3 and Automatic Coverage Clause 2.24)	Not on file
employment practices extension	Insuring Clause 1.2(d) (Employment Practices): In respect of any claim first made against the company, and reported to us during the insurance period for an employment practice breach. The total amount payable for all such loss in the insurance period shall not exceed the sub-limit specified in the schedule. This sub-limit forms part of, and is not payable in addition to, the indemnity limit.	Not on file
contractual liability extension	Automatic Coverage Clause 2.3 (Contractual Penalties): We agree to pay on behalf of the insured any penalty for which the insured is liable under a written contract resulting directly from direct financial loss covered by this policy. The maximum amount payable under this Automatic Coverage Clause during the insurance period is the sub-limit specified in the schedule.	Not on file
occurrence basis vs claims made	claims_made	Not on file

About this data. Facts on this page are extracted from each insurer's published commercial-liability policy wording PDF, with the source PDF, effective date, our extraction date and SHA-256 hash recorded against every claim. This site enforces a 24-month freshness cap — wordings older than that are flagged as historical / archived. If a policy has been updated since our extraction, the verbatim text and structured facts may be out of date; the authoritative answer is always the source PDF linked, not our derived facts.

Audit trail (1 source document)

Dual New Zealand Dual Management Liability · effective 2019-03-01 · extracted 2026-05-21 · tier D (Historical / not on file) · sha256 f6ebdee1b10906b0… · source PDF

Personalised advice on which cover fits your business is regulated under the Financial Markets Conduct Act 2013 — for that, contact our broker partner: First Commercial Insurance Brokers Ltd (FSP748591), 0800 437 699, stewart@fcib.co.nz. Page rendered 2026-06-20.