All cover · Professional indemnity
NZI vs aig — 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.
NZI
IAG New Zealand Limited (NZI brand)
Wording on file: NZI Professional Indemnity
Effective: 2018-06-01
Tier D (blocked) FCIB panel
aig
—
Not on file — request latest wording from aig via FCIB.
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 | NZI | aig |
|---|---|---|
| limit of indemnity options | Not on file | Not on file |
| claims made trigger | first made against the insured and notified to us during the period of insurance or within 30 days of its expiry | Not on file |
| retroactive date handling | 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. | Not on file |
| run off availability | 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. | Not on file |
| defence costs in or outside limit | outside_limit | Not on file |
| dishonesty exclusion carve out | 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. | Not on file |
| 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. | Not on file |
| jurisdiction | The law of New Zealand applies to disputes about this policy and the New Zealand Courts have exclusive jurisdiction. | Not on file |
| aggregation basis | 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. | Not on file |
| key exclusions | [ "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" ] | Not on file |
| excess default | 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. | Not on file |
| automatic extensions | [ "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)" ] | Not on file |
| fair trading act handling | 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. | Not on file |
| investigation costs covered | 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). | Not on file |
| insured vs insured exclusion | 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. | Not on file |
| contractual liability extension | 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. | Not on file |
| occurrence basis vs claims made | claims_made | Not on file |