Vero Civil Liability Professional Indemnity Insurance
The Vero ‘Civil Liability Professional Indemnity Insurance policy’ has been updated to keep up with emerging risks. The revised policy now incorporates the following coverage benefits:
Privacy and confidentiality
Covers you for unintentional breach of any duty of privacy or confidentiality at law resulting from conduct of Professional Services.
Privacy breach costs
Covers you for direct costs (up to a sublimit of $50,000) of notifying individuals or corporations of a Privacy Breach resulting from the conduct of the Professional Services.
Advancement of costs
The Insurer will advance costs as they are incurred and prior to final adjudication with prior written consent.
In certain circumstances the Excess payable by you will be reduced where the Excess is ‘Inclusive of Insured Costs’ and the defence, investigation or settlement of any claim is settled or disposed of without incurring any Insured Costs.
Mitigation of Loss
Subject to obtaining prior written consent, should you take action to mitigate a loss or potential loss that would otherwise be a claim under the policy, the direct costs and expenses reasonably incurred in respect of this will be covered to a $100,000 sublimit.
Automatic Subsidiary cover
Subsidiaries, including subsidiaries created during the policy period and any former subsidiaries, are automatically covered under the definition of Insured.
Newly acquired Subsidiary
New Subsidiaries acquired by the Policyholder during the Policy Period are provided automatic cover if the fee income is no greater than 25% of the total annual fee income of the Policyholder. Where the total annual fee income is greater than 25% of the Policyholder, automatic cover for the New Subsidiary is provided for 60 days
Worldwide territorial cover
Covers you for any civil liability resulting from the conduct of Professional Services anywhere in the world.