Retroactive Date and Run-Off Cover in NZ Professional Indemnity

Exclusion 5 (Pre Retroactive Date) excludes any Claim arising from any Wrongful Act and or Breach of Professional Duty committed or allegedly committed prior to the Retroactive Date shown in the Schedule. The Retroactive Date means the date shown in Item 7 of the Schedule.

If this Extension is shown as Included in Item 5 of the Schedule and the Policy is not renewed by the Underwriters, the Insured shall have the right to purchase an Extended Reporting Period. The Extended Reporting Period means a period of 12 months, commencing on the Expiry Date as shown as item 2B of the Schedule. The Insured shall not have any right to an Extended Reporting Period in the event of any management and or organisational change or in the event of cancellation or non-renewal for non payment of premium. Any Extended Reporting Period provided by this Policy shall not increase or reinstate any Limit of Liability or Sublimit of Liability of this Policy and is non-cancellable.

The Retroactive Date means the date set forth in Item 6 of the Schedule. Employers Liability: 'the Personal Injury arose out of an event, circumstance or accident that occurred on or after the Retroactive Date and before the expiry of the Policy Period.' Statutory Liability: 'the Event giving rise to the Claim occurred on or after the Retroactive Date.' Exclusion 4.15 excludes claims 'that arose directly or indirectly out of any event, circumstances or accident that occurred prior to the Retroactive Date.'

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.

Part 1: product first placed on the market in the territory after the Retroactive Date; Part 2: negligent act, error or omission occurs after the Retroactive Date; Part 3: Pollution Incident commenced after the Retroactive Date. Retroactive Date means the date specified as the Retroactive Date in 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.

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.

You are not insured for any claim of any type in connection with an event that occurred prior to the retroactive date.

If we elect to cancel or refuse to offer a renewal of this policy, then you may pay us an additional premium (being 90% of the last premium), to extend your cover under this policy for another 12 months. However, this will only cover you for events or acts or omissions that happened before the expiry of the effective date of such cancellation or non-renewal. This right of extension will lapse unless written notice of such election, together with payment of the additional premium due, is given to us within 30 days following the effective date of cancellation or non-renewal.

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.

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.

The Event must have happened on or after the Retroactive Date. Any Event after the Retroactive Date but before the Inception Date is excluded if the Insured knew, or ought reasonably to have known, of the Event and failed to notify the Event to QBE before the Inception Date. The Retroactive Date is the date specified in the Policy Schedule.

If QBE refuses to renew this Policy, the Insured may, upon payment of an additional premium not exceeding one hundred per cent (100%) of the full annual premium payable for the expiring Period of Insurance, extend the cover under this Policy for a further twelve (12) months from the date of expiry, provided that this option to extend the Policy must be notified in writing to QBE within thirty (30) days of the date of expiry; and the extension shall only apply in respect of an Event before the expiry date; and an offer by QBE of any renewal terms or premiums different from expiring terms or premiums shall not constitute a refusal to renew; and the indemnity under this extension is included in and not in addition to the Limit of Indemnity specified in the Policy Schedule.

The Retroactive Date means the date specified as such in the Policy Schedule. Any Claim as a result of an Employee sustaining Personal Injury that arose out of any event, circumstances or accident that occurred prior to the Retroactive Date is excluded under General Exclusions clause 3.

If QBE refuses to renew this Policy, the Insured may, upon payment of an additional premium of fifty per cent (50%) of the full annual premium payable for the expiring Period of Insurance, extend the cover under this Policy for a further twelve (12) months from the date of expiry, but only in respect of any Claims arising out of any Personal Injury which occurred before such expiry. This option to extend the Policy must be notified in writing to QBE within thirty (30) days of the Policy expiring.

Cover under Section A applies to Wrongful Acts that occurred subsequent to the Retroactive Date. Under Automatic Extension 8 (Fidelity), Loss must have occurred after the Retroactive Date. No retroactive date applies to Section B (occurrence basis).

Optional Extension 3 (Extended Reporting Period): if QBE cancels or refuses to offer renewal, Insured Persons and/or the Association have the right to extend for twelve (12) months, exercised within ten (10) days, at an additional premium of seventy-five per cent (75%) of the expiring annual premium. Applies only to Insuring Clause 1 (Officers Indemnity) of Section A. Automatic Extension 15 (Retired Officers): if the Insured does not renew, a discovery period of twelve (12) months is provided for Insured Persons who ceased to act before non-renewal.

Wrongful Act: any actual or alleged act on or after the Retroactive Date and prior to the end of the Policy Period in the course of undertaking Digital Media Activities.

The retroactive date means the Retroactive Date stated in the schedule. Cover only applies to an event which takes place after the retroactive date stipulated in the schedule. Any event after the retroactive date but before the inception date, if you knew, or ought reasonably to have known, of the event and failed to notify the event to us before the inception date, is excluded.

If we refuse to renew this policy, you may, upon payment of an additional premium of 100% of the full annual premium payable for the expiring period of insurance, extend the cover under this policy for a further 12 months from the date of expiry. This option must be notified in writing to us within 30 days of the date of expiry. The limit of liability under this extension is part of and not in addition to the limit of liability specified in the schedule.

Provided that the personal injury has taken place on or after the retroactive date. Any claim for personal injury which has taken place or allegedly taken place prior to the retroactive date stated in the schedule is excluded.

If we terminate or refuse to renew this policy, you are entitled to an extension of the cover granted under this policy for a further period of 12 months immediately following termination or non-renewal of the policy, but only in respect of any personal injury taking place both before the effective date of termination or non-renewal and after the retroactive date. If this right is exercised, then this further period shall be part of the last period of insurance and not an additional period. The entitlement to this extension must be exercised by written notice from you prior to the effective date of termination or within 30 days following the effective date of non-renewal.

The claim arises out of an occurrence which takes place after the continuity date stipulated in the policy schedule. Cover under Extension 2.18 (Continuous Cover) applies for claims arising from a prior known fact, provided the insured has maintained without interruption Directors' and Officers Liability insurance from the continuity date to the present date, cover is pursuant to the terms, conditions, and exclusions of the policy in force at the time the insured first became aware of the prior known fact.

Extension 2.17.1: automatic 90-day extended reporting period at no additional premium on non-renewal; or for the period specified in the schedule on written request within 30 days of expiry and payment of additional premium. Extension 2.17.2: on change in control, policyholder may request an ERP offer within 30 days. Extension 2.17.3: individual insured persons may request ERP if policyholder does not exercise its ERP right. Extension 2.17.4: unlimited ERP for directors or officers who retire solely due to age limit or limit on length of service during the period of insurance.

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.

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.

This policy shall only provide cover in respect of wrongful act, employment practice breach, trustee breach, tax audit notice or dishonest act arising from an act, error or omission of the insured committed or allegedly committed after the retroactive date.

Discovery periods available: (a) automatic 30-day free period; (b) 12-month period at 100% additional premium if requested within 15 days of policy end; (c) 84-month period on transaction terms. Retirement cover: any insured person who retired before policy expiry is automatically entitled to an 84-month discovery period at no additional premium if policy is not renewed or replaced and no discovery period is purchased.

The personal injury must have occurred on or after the retroactive date shown in the schedule. Exclusion 9 (Prior injury) excludes any personal injury sustained before the retroactive date shown in the schedule. The continuous cover extension provides that where you first became aware of any claim after the continuity date and before the period of insurance, and you do not notify us until during the period of insurance, we will accept notification provided we have continuously been your employers liability insurer from and after the continuity date.

Claims must be notified to us during the period of insurance or within 30 days after the end of the period of insurance.

The Personal Injury has taken place on or after the Retroactive Date. Exclusion 12 – Retroactive Date: for any Personal Injury which has taken place or allegedly taken place prior to the Retroactive Date stated in the Schedule.

If the Company terminates or refuses to renew this policy, the Insured is entitled to an extension of the cover granted under this policy for a further period of twelve (12) months immediately following such termination or non-renewal of this policy, but only in respect of any Personal Injury taking place both before the effective date of termination or non-renewal and after the Retroactive Date. If this right is exercised, this further period shall be part of the last Period of Insurance and not an additional period.