Retail Business Rules | City FM | NZ | Insurances

• Business Name and NZBN needs to match. If it doesn't match, evidence must be provided to link the NZBN or business names together. This is ideally a letter or download from NZBN Office showing the linkage;
• There is no minimum amount for Asbestos Liability Insurance and the amount does not need to be recorded
• Must be Current
• Must specify Asbestos Liability Insurance

• Issue Date = Start of coverage date listed on policy
• Expiry Date = Coverage end date listed on policy (If the policy is paid on a monthly basis the expiry will be set when the next payment is due)
• Insurer = Insurer will be listed in policy content
• Policy Number = as specified on the policy
• Item = Asbestos Liability Insurance as specified on the policy
• Amount Description = Not Required
• Amount = Not Required

• Business Name and NZBN needs to match. If it doesn't match, evidence must be provided to link the NZBN or business names together. This is ideally a letter or download from NZBN Office showing the linkage;
• Minimum amount of 2 million dollars NZD for any one occurrence; Coverage amount to be recorded; (Pegasus Staff please review private Business Rule Information before verifying coverage)
• Must be Current
• Must specify Employers Liability Insurance

• Issue Date = Start of coverage date listed on policy
• Expiry Date = Coverage end date listed on policy (If the policy is paid on a monthly basis the expiry will be set when the next payment is due)
• Insurer = Insurer will be listed in policy content
• Policy Number = as specified on the policy
• Item = Employers Liability Insurance as specified on the policy
• Amount Description = Not Required
• Amount =as specified on policy (must be minimum of 2 million NZD)

• Business Name and NZDBN needs to match. If it doesn't match, evidence must be provided to link the NZDBN or business names together. This is ideally a letter or download from NZDBN Office showing the linkage;
  NOTE: If a letter of linkage is supplied, the documentation will need to be sent to site for their approval prior to verification
• Minimum amount of 5 million dollars NZD for any one occurrence; Coverage amount to be recorded;If less than 5 million (NZD) the policy is to be returned
• Insurance must be current

Note: Insurance types can be listed in the limit section of the policy.

Eg. Under the Class or description it may refer to General Liability however under the limit or interest insured section if it refers specifically to an accepted type listed above this would be deemed acceptable.

Self Insurance

• If the company indicates 'Self Insured' = Escalate to site

• Issue Date = Start of coverage date listed on policy
• Expiry Date = Coverage end date listed on policy (If the policy is paid on a monthly 
  basis the expiry will be set when the next payment is due)
• Insurer = Insurer will be listed in policy content
• Policy Number = as specified on the policy
• Item = Type of of coverage / policy (i.e. Public & Products Liability, Public Liability, Broadform Liability, General & Public Liability
• Amount Description = Same as item
• Amount = as specified on policy (must be minimum of 5 million NZD)

• Business Name and NZDBN needs to match. If it doesn't match, evidence must be provided to link the NZDBN or business names together. This is ideally a letter or download from NZDBN Office showing the linkage
• NOTE: If a letter of linkage is supplied, the documentation will need to be sent to site for their approval prior to verification
• The minimum amount for Professional Indemnity Insurance is $2,000,000 NZD
• Must be current
• Must state one of the accepted types as listed in the below table
• If the policy does not list one of the accepted types a Product Disclosure Statement (PDS) is required before escalation.
  
  • If PDS states on of the accepted types – the insurance and PDS needs to be uploaded together for approval
  • If the PDS does not specify Professional Indemnity it will be escalated

Self Insurance

• If the company indicates 'Self Insured' = Escalate to site

• Issue Date = Start of coverage date listed on policy
• Expiry Date = Coverage end date listed on policy (If the policy is paid on a monthly 
  basis the expiry will be set when the next payment is due)
• Insurer = Insurer will be listed in policy content
• Policy Number = as specified on the policy
• Item = Professional Indemnity
• Amount Description = Same as item
• Amount = as specific on policy (must for a minimum of $2,000,000 NZD)

• Business Name and NZBN needs to match. If it doesn't match, evidence must be provided to link the NZBN or business names together. This is ideally a letter or download from NZBN Office showing the linkage;
• Minimum amount of 2 million dollars NZD for any one occurrence; Coverage amount to be recorded;If less than 2 million (NZD) the policy is to be returned
• Must be Current
• Must specify Statutory Liability Insurance

• Issue Date = Start of coverage date listed on policy
• Expiry Date = Coverage end date listed on policy (If the policy is paid on a monthly basis the expiry will be set when the next payment is due)
• Insurer = Insurer will be listed in policy content
• Policy Number = as specified on the policy
• Item = Statutory Liability Insurance as specified on the policy
• Amount Description = Not Required
• Amount =as specified on policy (must be minimum of 2 million NZD)