NCIG Business Rules | Insurances and ASIC

• Umbrella Agreements are not accepted

Must detail:

• Start Date
• End Date
• Insurer
• Policy
• Amount
• Restrictions/condition
• Company name and ABN must match the details registered in Onsite Track Easy.

• We can accept ‘PTY LTD’ or ‘(Pty) Ltd’  in lieu of ‘Proprietary Limited’ when this is the only difference in the company name between what’s shown on company compliance paperwork verse what’s shown in onsite.

• If a certificates states a company name and ‘its subsidiaries’ then this is ok to accept

Accepted:

• Public Liability
• Public and Products Liability
• Broad form Liability
• General Liability

Requires Approval:

• Business Liability
• Legal Liability
• Umbrella Liability

Not accepted:

• • IT Liability
  • Product Only

• If a policy is submitted and refers to the liability cover under another name (as mentioned in the table above, under “REQUIRES APPROVAL”), we will need to request from the company an excerpt of the policy which explains what the insurance policy covers where it is not called “public liability”.
• If the document is not one of the “ACCEPTED” forms of Public Liability types, it must be referred to NCIG for approval.
• All accepted Public Liability policies must be a minimum of 20 million dollars Australian, or equivalent in US Dollars or Euro, for any one occurrence.
• If the amount shown on the document is not listed as an Australian Dollar amount (e.g. US or EURO), use a currency converter to check the amount - if the conversion at the verification processing time meets the required Australian Dollar amount the document can be approved.  In the Comment Field please enter the confirmation that the currency converter process has been completed e.g. ‘Currency Converted and meets the AUD minimum amount required’.

NOTE: If the policy is paid on a monthly basis, the document must show when the recent payment was made or when the next payment is due

• The actual public liability amount must meet or exceed AUS$20,000,000
• Please record certificate validity dates as per document
• If the premium is paid monthly, the certificate of currency is only valid for that month. They will need to update monthly.
• Insurer = Insurer will be listed in policy content
• Policy Number = as specified on the policy
• Item = as specified on the policy
• Amount Description = The type of cover where its liability limit covers any one occurrence (e.g. if the limit of indemnity states $20M any one occurrence in respect of public liability AND in the aggregate in respect of the product liability, we will only record public liability as the amount description)
• Amount = as specified on the policy

Example of unacceptable insurances:

• Product Liability -  $20,000,000
• Public Liability Policies under $20,000,000
• A Policy where the minimum insured amount is split amongst the different types of cover
  E.g. Products Liability $10,000,000 and Public Liability $10,000,000 = $20,000,000.

Examples of acceptable insurances:

Limit of Liability;

• Public Liability - $20,000,000                     
• Public & Products Liability for any one occurrence - $20,000,000
• Broadform Liability - $20,000,000