Benchmark

Management Liability - Benchmark

October 2008

We are delighted to present to the market the new and improved BENCHMARK Management Liability policy.

After extensive consultation with brokers and their clients the resulting BENCHMARK product delivers a comprehensive and robust solution to the multiple exposures faced by small to medium companies in Australia.

LAUW will consider submissions from a broad industry spectrum.

The application process has been streamlined by utilising a short form proposal form to enable a quick and faultless turnaround of applications. Policy documentation will be issued within 24 hours (working day basis) of the order being given in line with LAUW’s standard operating procedures, subject to no outstanding subjectivities.

Commission of 20% will be payable to all brokers that place Management Liability business with LAUW.

Among the many enhancements are:

 

  • Statutory Liability Extension
  • Nil Deductible for Company Reimbursement
  • Two New Insuring clauses: Entity Cover and Fiduciary Liability
  • EPL Entity to $2m sub-limit

 

 Additional enhancements are:

Comprehensive definition of ‘Director’ and ‘Officer’

Comprehensive definition of   ‘Company’

Cover for damages and costs awarded against the Directors or
      Officers
 
Cover for Employment Practices Liability (Entity)

Cover for Fiduciary Liability (e.g. arising from managing Pension
      Plans)

Cover for Costs incurred by the Entity

Advancement of Defence Costs

Cover for Costs incurred in Investigations and Disciplinary
      proceedings

12 Months Extended Reporting Period

72 Months Run-Off cover for retired Directors and Officers

Comprehensive Cover for ‘Not for Profit’ Outside Directorships

Cover for Subsidiaries

Run-off cover for Subsidiaries

Run-off cover for covered Outside Directorships

Cover for Liabilities faced by Spouses

Cover for Liabilities faced by Estates and Legal Representatives

Cover for Civil Fines and Civil Penalties

Cover for Costs incurred in respect of Occupational Health and
      Safety

Cover for Costs incurred in respect of Pollution Defence

Cover for Costs incurred in respect of Loss of Reputation

‘Assets and Liberty Costs Cover’

Reinstatement of Limit for Non-Executive Directors

Cover for Fidelity

Continuous Cover (‘Innocent Non-Disclosure')

Cover for ‘Prior Acts’ (Retro-Active Liability Cover)

‘Order of Payments’ Provision

Aggregate ‘Costs-Inclusive’ Limit of Liability

Claims-Made Policy

World-wide Jurisdiction (in respect of U.S.A. - sales only)  can be
      given


For more information and to download the proposal from please go to www.lauw.com.au