All cover · Professional indemnity
NZI vs QBE — 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
QBE
QBE Insurance (Australia) Limited (NZ branch)
Wording on file: QBE Professional Indemnity
Effective: 2025-01-01
Tier B (stale) 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 | NZI | QBE |
|---|---|---|
| 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 | any Claim: 18.2.1 first made against the Insured during the Period of Insurance; and 18.2.2 notified in writing by the Insured to QBE during the Period of Insurance; and 18.2.3 alleging civil liability, by any act, error, omission or conduct that occurred subsequent to the Retroactive Date in connection with the Insured's Professional Business Practice. |
| 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. | The Retroactive Date specified in the Schedule. Valid Claims must allege civil liability by any act, error, omission or conduct that occurred subsequent to the Retroactive Date. |
| 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 expressly addressed. Continuous cover extension (Automatic Extension 5) provides that if the Insured has continually been insured under a Professional Indemnity insurance policy between the date when notification should have been given and the date when notification was in fact given, QBE will accept late notification under this Policy on terms applicable to the earlier policy. |
| defence costs in or outside limit | outside_limit | mixed |
| 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. | Automatic Extension 9 (Fidelity (insured's own)): Notwithstanding Exclusion 10 (Fraud and dishonesty), QBE agrees to indemnify the Insured for Loss sustained in consequence of any dishonest or fraudulent act or omission of any specific and identifiable Employee, up to NZD1,000,000 in the aggregate for any one Loss or related Losses. Automatic Extension 10 (Fraud and dishonesty of employees): Notwithstanding Exclusion 10, QBE agrees to indemnify the Insured for legal liability for any Valid Claim brought about or contributed to by any dishonest, fraudulent, criminal, malicious or deliberate act or omission of or on behalf of an Employee of the Insured, provided such indemnity will not be provided to any person committing or condoning any such act or omission. |
| 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. | Territorial limits specified in the Schedule. Loss of Documents coverage limited to New Zealand or Australia (Automatic Extension 15.2). |
| jurisdiction | The law of New Zealand applies to disputes about this policy and the New Zealand Courts have exclusive jurisdiction. | Interpretation of this insurance will be governed by the laws of New Zealand whose courts of law will have exclusive jurisdiction in any dispute that may arise. QBE will not be liable in respect of any legal action first brought in a court outside the jurisdiction of the countries specified in the Schedule. |
| 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. | Valid Claims are related if they arise out of the same, identical or a series of acts, errors, omissions or conduct, or arise out of or are attributable to the same originating source or cause. QBE's total liability shall not exceed: (1.1) the Limit of Indemnity in respect of any one Valid Claim or all related Valid Claims; and (1.2) three times the Limit of Indemnity in respect of all Valid Claims which are not related. |
| 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" ] | [ "1. Anti-Money Laundering and Countering Financing of Terrorism Act 2009", "2. Asbestos", "3. Assumed duty or obligation not in normal conduct of Professional Business Practice", "4. Death or bodily injury", "5. Directors liability", "6. Electronic data (corruption, erasure, theft, alteration, access, interference unless arising from act, error or omission in Professional Business Practice)", "7. Employers liability", "8. Financial condition (insolvency, bankruptcy, receivership, statutory management or liquidation of the Insured)", "9. Fines and penalties (taxes, fines, penalties, liquidated, aggravated, multiple, punitive or exemplary damages)", "10. Fraud and dishonesty (subject to Extensions 9 and 10 carve-outs)", "11. Harassment/discrimination (bullying, harassment including sexual harassment or molestation, discrimination)", "12. Insured and family members claims", "13. Investment advisers (non-compliant investments, contributory mortgages, diminution in value, reverse mortgages, investment performance failures)", "14. Jurisdiction (outside specified countries)", "15. Liability assumed (performance guarantees, liability incurred by agreement where not otherwise existing, trading debts/guarantees, waiver of contribution rights without consent)", "16. Nuclear", "17. Obligations to employees (bodily/mental injury, sickness, disease, death or property damage of Employees)", "18. Occupiers liability", "19. Pollution (seepage, pollution or contamination)", "20. Prior or pending claims or circumstances", "21. Refund of fees", "22. Related or associated entities", "23. Sanctions", "24. Supply of goods (sale, supply, installation, efficacy or manufacture of goods)", "25. Territorial limits (outside specified Schedule territory)", "26. Terrorism", "27. Trading debts", "28. War" ] |
| 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)" ] | [ "1. Automatic reinstatement", "2. Breach of contract", "3. Consequential costs and court attendance costs (NZD250,000 any one Claim and in the aggregate)", "4. Consultants, subcontractors and agents", "5. Continuous cover", "6. Costs of representation at registration board proceedings (NZD500,000 any one Claim and in the aggregate; Excess NZD1,000)", "7. Defamation (unintentional)", "8. Fair Trading Act 1986 (sections 9 to 14)", "9. Fidelity (insured's own) – NZD1,000,000 aggregate", "10. Fraud and dishonesty of employees", "11. Intellectual property (unintentional infringement of copyright, trademark, registered design or patent, plagiarism or breach of confidentiality)", "12. Internet liability (NZD250,000 any one Claim and in the aggregate)", "13. Irrecoverable fees and disbursements (NZD150,000 any one Claim and in the aggregate)", "14. Joint venture liability", "15. Loss of documents (Excess NZD1,000)", "16. Previous business", "17. Public relations expenses (NZD50,000 in the aggregate)" ] |
| 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. | QBE will indemnify the Insured for any Valid Claim for compensation made against the Insured alleging a breach of sections 9 to 14 of the Fair Trading Act 1986 (or any similar fair trading legislation that may apply in the States, Territories or Countries of the jurisdiction specified in the Schedule). |
| 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). | Automatic Extension 6 (Costs of representation at registration board proceedings): If any complaint (which may form the basis of a Valid Claim) is lodged against the Insured with a statutory registration board or similar regulatory authority, QBE shall pay Costs and Expenses incurred in respect of the investigation and defence of the Insured at such proceedings. Maximum NZD500,000 any one Claim and in the aggregate, subject to Excess of NZD1,000. |
| 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. | Automatic Extension 2 (Breach of contract): QBE will indemnify the Insured for any Valid Claim for the actual or alleged breach of a contract for the provision of professional services. However, Exclusion 15.2 excludes liability incurred by agreement where liability would not otherwise have existed in the absence of the agreement, except that this exclusion will not apply to an agreement to provide professional services to a client or customer, except to the extent that the Insured has agreed to accept a liability regardless of fault. |
| occurrence basis vs claims made | claims_made | claims_made |
| efficacy exclusion | Not on file | Exclusion 24: QBE will not be liable in respect of any Claim or Loss alleging or arising from the sale, supply, installation, efficacy, or manufacture of goods by or on behalf of the Insured. |
| privacy act handling | Not on file | Covered under Automatic Extension 12 (Internet liability): unintentional breach of confidentiality or infringement of any right to privacy, including any alleged breach of the terms of the Privacy Act 2020, committed or alleged to have been committed by the Insured in the provision of its website, use of the Internet, electronic mail or any electronic network. Maximum NZD250,000 any one Claim and in the aggregate. |
| fines insurable acts list | Not on file | [] |
| consumer guarantees act handling | Not on file | Not addressed in the wording. |