Utilities Business Rules | GWM | Company Business Rules | Insurances

• Certificate of Insurance / Confirmation of Insurance / Certificate of Currency / Confirmation of Placement for Motor Vehicle Insurance showing:

• Name of insurer

• Policy Number

• Expiry date

• Company name and ABN must match the details registered*. If it doesn’t match, government certified evidence must be provided to link the ABN or business names together. This is ideally a letter or a download from ABR showing the linkage or a Trust Deed.

• Slight business name variations can be accepted when the ABN matches and the name difference is only slight (eg. Pegasus Aust and Pegasus Australia)

• Must be minimum 20 million (AUD) coverage (“Limit of Liability”; and “Limit of Indemnity”) for 3rd Party Liability / Legal Liability / 3rd Party Property / Road Risk Liability
  *Sole Traders may be subject to exceptions

• Must show vehicle/s insured or a reference to coverage for all vehicles similar to the examples shown below:
  
  

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

• 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 = As specified on policy <accepted type> Motor Vehicle Insurance

• Amount Description = As specified on policy <3rd Party Liability / Legal Liability / 3rd Party Property/ Road Risk Liability >

• Amount = as per policy(“Limit of Liability”; and “Limit of Indemnity”) (minimum of 20 million AUD) UNLESS the policy is for comprehensive, in which case the amount can be 0

• “Certificate of Insurance” or Confirmation of Insurance” or “Certificate of Currency” for Plant & Equipment or Motor Vehicle Insurance showing:

• Name of insurer

• Policy Number

• Expiry date

• Company name and ABN must match the details registered. If it doesn’t match, government certified evidence must be provided to link the ABN or business names together. This is ideally a letter or a download from ABR showing the linkage or a Trust Deed.

• Slight business name variations can be accepted when the ABN matches and the name difference is only slight (eg. Pegasus Aust and Pegasus Australia)

• Must also include a schedule of items covered and how much they are insured for (usually in table format)

• Must show plant / equipment or vehicle/s insured or a reference to coverage for all vehicles similar to the examples shown below:

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

• 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 = As specified on policy <accepted type> Motor Vehicle Insurance

• Amount Description = As specified on policy <3rd Party Liability / Legal Liability / 3rd Party Property>

• Amount = as per policy (“Limit of Liability”; and “Limit of Indemnity”) (minimum of 20 million AUD)

• Minimum amount for Professional Indemnity = $1 million - this may differ for different pieces of work.

• Business Name and ABN needs to match. If it doesn't match, government certified evidence must be provided to link the ABN or business names together. This is ideally a letter or download from ABR showing the linkage or a Trust Deed.

• Slight business name variations can be accepted when the ABN matches and the name difference is only slight (eg. Pegasus Aust and Pegasus Australia)

• Must be current

• If the policy does not list Professional Indemnity / Liability or Errors and Omissions a Product Disclosure Statement (PDS) is required before escalation.

• If PDS states Professional Indemnity or Errors and Omissions coverage – the insurance and PDS needs to be uploaded together for approval

• If the PDS does not specify Professional Indemnity or Errors and Omissions it will be escalated

• Accepted Types: Professional Indemnity,Errors or Omissions, Civil Liability, Builder Liability 

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

• 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 be minimum of 1 million AUD or equivalent)

• Minimum amount of 5 million dollars Australian for any one occurrence - this may may differ for different pieces of work .

• Business Name and ABN needs to match. If it doesn’t match, government certified evidence must be provided to link the ABN or business names together. This is ideally a letter or download from ABR showing the linkage or a Trust Deed.

• Slight business name variations can be accepted when the ABN matches and the name difference is only slight (eg. Pegasus Aust and Pegasus Australia)

• Issue and Expiration dates to be recorded

• Must be current
  
  

NOTE: The type of policy can be listed in the 'liability limit' section of the policy (e.g. under the class or description it may refer to a policy type that 'requires approval' however under the limit or interest insured section if it refers specifically to an accepted type listed above this would be deemed acceptable.

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

• 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 = The type of cover where its liability limit covers any one occurrence (e.g. if the limit of indemnity states $5M 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 specific on policy (must be minimum of 5 million AUD or equivalent)

• Minimum amount of 20 million dollars Australian for any one occurrence - this may may differ for different pieces of work .

• Business Name and ABN needs to match. If it doesn’t match, government certified evidence must be provided to link the ABN or business names together. This is ideally a letter or download from ABR showing the linkage or a Trust Deed.

• Slight business name variations can be accepted when the ABN matches and the name difference is only slight (eg. Pegasus Aust and Pegasus Australia)

• Issue and Expiration dates to be recorded

Must be current

NOTE: The type of policy can be listed in the 'liability limit' section of the policy (e.g. under the class or description it may refer to a policy type that 'requires approval' however under the limit or interest insured section if it refers specifically to an accepted type listed above this would be deemed acceptable.

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

• 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 = 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 specific on policy (must be minimum of 20 million AUD or equivalent)