professional indemnity policy projuris plus - allianz …...professional indemnity policy we,...

Professional Indemnity Policy Projuris PlusPolicy Document.

39092 POL754 Pro Indemnity_Projuris_cov_D7.indd 1 1/12/2015 3:29 pm

• promotesbettercommunicationbetweeninsurersandcustomerswhichwillleadtobetterpublicunderstandingofinsurancetoallowcustomerstomakeinformedchoices,and

• outlinesgoodstandardsofpracticeandservicetobemetbyinsurerstoenhancetheirreputationforrespondingefficientlytotheircustomers’needs.

(a) Disputeresolutionprocess

Wewilldoeverythingpossibletoprovideaqualityservicetoyou.However,werecognisethatoccasionallytheremaybesomeaspectofourserviceoradecisionwehavemadethatyouwishtoqueryordrawtoourattention.

WehaveaComplaintsandDisputeResolutionProcedurewhichundertakestoprovideananswertoyourcomplaintwithinfifteen(15)workingdays.

Ifyouwouldliketomakeacomplaintoraccessourinternaldisputeresolutionservicepleasecontactournearestofficeandasktospeaktoadisputeresolutionspecialist.

(b) Contactforassistanceorconfirmationofcover

Ifyouneedtoconfirmanypolicytransactionorclarifyanyoftheinformationcontainedinthispolicydocumentorifyouhaveanyotherqueries,pleasecontactanyofourofficesorrefertoourwebsiteatwww.allianz.com.au.

(c) Ifthisinsurancehasbeenissuedthroughaninsuranceintermediary

Ifyourpolicyhasbeenarrangedthroughouragent,orabrokerwhoisactingunderanagencyarrangementsuchasabinderwithus,thentheyareactingasouragentandnotasyouragent.Theywilltellyouwhenthisisthecase.

Ifyourpolicyhasbeenarrangedbyabroker,otherthanabrokeractingundersuchanagencyarrangementwithus,thenthebrokerisactingasyouragent.

Wherethispolicyhasbeenarrangedthroughanintermediaryacommissionmaybepayablebyustothemforarrangingtheinsurance.

PrivacyThisdocumentsetsouthowweuse,collectanddisclosepersonalinformationaboutyou.Itsupplementsanyinformationaboutprivacyintheinsurancedocumentationwehaveprovidedorwillprovidetoyou.FurtherinformationisinourPrivacyPolicyavailableatwww.allianz.com.au

AtAllianz,ourpriorityistoprotecttheprivacyofyourpersonalinformation.WedothisbyhandlingpersonalinformationinaresponsiblemannerandinaccordancewiththePrivacyAct1988(Cth).

GeneralInformationTheGeneralInformationsetoutbelowisprovidedforyourinformationonly.Itdoesnotformpartoftheinsurancecontractwithyou,andisnotpartofthepolicy.NothingcontainedintheGeneralInformationimposescontractualobligationsonyou,orcreatescontractualrights.Thesearecontainedinthepolicyandanyendorsement.

ClaimsMadeThispolicyoperatesona‘claimsmade’basis.Thismeansthatthepolicycoversyouforclaimsmadeagainstyouduringtheperiodofinsurance.

Thepolicydoesnotprovidecoverinrelationto:

• acts,errorsoromissionsactuallyorallegedlycommittedpriortotheretroactivedateofthepolicy(ifsuchadateisspecified);

• claimsmadeaftertheexpiryoftheperiodofcovereventhoughtheeventgivingrisetotheclaimmayhaveoccurredduringtheperiodofcover;

• claimsnotifiedorarisingoutoffactsorcircumstancesnotified(orwhichoughtreasonablytohavebeennotified)underanypreviouspolicy;

• claimsmade,threatenedorintimatedagainstyoupriortothecommencementoftheperiodofcover;

• factsorcircumstancesofwhichyoufirstbecameawarepriortotheperiodofcover,andwhichyoukneworoughtreasonablytohaveknownhadthepotentialtogiverisetoaclaimunderthispolicy;

• claimsarisingoutofcircumstancesnotedontheproposalformforthecurrentperiodofcoveroronanypreviousproposalform.

Whereyougivenoticeinwritingtousofanyfactsthatmightgiverisetoaclaimagainstyouassoonasreasonablypracticableafteryoubecomeawareofthosefactsbutbeforetheexpiryoftheperiodofcover,youmayhaverightsunderSection40(3)oftheInsuranceContractsAct1984tobeindemnifiedinrespectofanyclaimsubsequentlymadeagainstyouarisingfromthosefactsnotwithstandingthattheclaimismadeaftertheexpiryoftheperiodofcover.Anysuchrightsariseunderthelegislationonly.Thetermsofthepolicyandtheeffectofthepolicyisthatyouarenotcoveredforclaimsmadeagainstyouaftertheexpiryoftheperiodofcover.

GeneralInsuranceCodeofPracticeWeareasignatorytotheGeneralInsuranceCodeofPractice.TheCodeaimstoraisestandardsofpracticeandserviceintheinsuranceindustry.It:

39092 POL754 Pro Indemnity_Projuris_txt_D7.indd 1 1/12/2015 3:31 pm

ThecountriestowhichthisinformationmaybedisclosedwillvaryfromtimetotimebutmayincludeCanada,Germany,NewZealandandothercountriesinwhichtheAllianzGrouphasapresenceorengagessubcontractors.

Weregularlyreviewthesecurityofoursystemsthatareusedforsendingpersonalinformationoverseas.Anyinformationwedisclosetooverseasrecipientsmayonlybeusedforthepurposesofcollectiondetailedaboveandsystemadministration.

AccesstoYourPersonalInformationandComplaints

Youmayaskforaccesstothepersonalinformationweholdaboutyouandseekcorrectionbycalling1300360529EST8am6pm,MondaytoFriday.

OurPrivacyPolicycontainsdetailsabouthowyoumaymakeacomplaintaboutabreachoftheprivacyprinciplescontainedinthePrivacyAct1988(Cth)andhowwedealwithcomplaints.OurPrivacyPolicyisavailableatwww.allianz.com.au.

TelephoneCallRecording

Wemayrecordincomingand/oroutgoingtelephonecallsfortrainingorverificationpurposes.Ifyourequireaccesstoarecordedcall,acopyorappropriateaccesswillbeprovidedbyuswhereavailable.Itshouldbenotedthatnotallcallsarerecordedandthereforenotallcallswillbeaccessibleuponrequest.

YourDutyofDisclosureBeforeyouenterintoacontractofinsurancewithus,youhaveadutyundertheInsuranceContractsAct1984todisclosetouseverymatterthatyouknow,orcouldreasonablybeexpectedtoknow,isrelevanttoourdecisionwhethertoaccepttheriskoftheinsuranceand,ifso,onwhatterms.

Youhavethesamedutytodisclosethosematterstousbeforeyourenew,extend,varyorreinstatethecontract.

Thisdutyofdisclosureappliesuntilthecontractisenteredinto(orrenewed,extended,variedorreinstatedasapplicable).Wemayprovidefurtherinformationonyourdutypriortoanyrenewal,extension,variationorreinstatement.

Yourdutyhoweverdoesnotrequiredisclosureofanymatter:

• thatdiminishestherisktobeundertakenbyus;or

• thatisofcommonknowledge;or

• thatweknowor,intheordinarycourseofourbusinessasaninsurer,oughttoknow;or

• astowhichcompliancewithyourdutyiswaivedbyus.

HowWeCollectYourPersonalInformation

Weusuallycollectyourpersonalinformationfromyouoryouragents.Wemayalsocollectitfromouragentsandserviceproviders;otherinsurersandinsurancereferencebureaus;peoplewhoareinvolvedinaclaimorassistusininvestigatingorprocessingclaims,includingthirdpartiesclaimingunderyourpolicy,witnessesandmedicalpractitioners;thirdpartieswhomaybearranginginsurancecoverforagroupthatyouareapartof;lawenforcement,disputeresolutionbodiesandstatutoryandregulatorybodies;marketinglistsandindustrydatabases;andpubliclyavailablesources.

WhyWeCollectYourPersonalInformation

Wecollectyourpersonalinformationtoenableustoprovideourproductsandservices,includingtoprocessandsettleclaims;offerourproductsandservicesandtheproductsandservicesofourrelatedcompanies,brokers,intermediariesandbusinesspartnersthatmayinterestyou;andconductmarketorcustomerresearchandtodeterminethoseproductsorserviceswhichmayparticularlysuityou.Youcanchoosenottoreceiveproductorserviceofferingsfromusorourrelatedcompanies,brokers,intermediariesand/orourbusinesspartnersbycallingtheAllianzDirectMarketingPrivacyServiceLineon1300360529EST8amto6pmMondaytoFridayorgoingonlinetoourwebsite’sPrivacysectionatwww.allianz.com.au

WhoDoWeDiscloseYourPersonalInformationTo?

Wediscloseyourpersonalinformationtopeoplewhoassistusinofferingandprovidingourproductsandservices,conductingmarketorcustomerresearch(includingtodeterminethoseproductsorserviceswhichmayparticularlysuityou),orinactivitiesrelatedtocarryingonourinsurancebusiness,includinginsurers,insuranceintermediaries,reinsurers,insurancereferencebureaus,partieswithwhomwehavearelationshiporinsuranceschemeinplacewiththemunderwhichyoupurchasedyourpolicy(suchasafinancierormotorvehiclemanufacturerand/ordealer)andothers;toourintermediariesorbusinesspartnerstoenablethemtooffertheirproductsandservicestoyou;asrequiredbylaworgovernment,lawenforcementbodiesordisputeresolutionbodies.

DisclosureOverseas

YourpersonalinformationmaybedisclosedtoothercompaniesintheAllianzGroup,businesspartners,reinsurersandserviceprovidersthatmaybelocatedinAustraliaoroverseas.

Non-disclosure

Ifyoufailtocomplywithyourdutyofdisclosure,wemaybeentitledtoreduceourliabilityunderthecontractinrespectofaclaim,cancelthecontractorboth.

Ifyournon-disclosureisfraudulent,wemayalsohavetheoptionofavoidingthecontractfromitsbeginning.

Thispagehasbeenleftblankintentionally.

TableofcontentsProfessionalIndemnityPolicyPart1–WhatWeInsureYouFor

1. InsuringClause

2. DefenceCosts

3. LimitofIndemnity

4. Deductible

5. ExtentofIndemnity

6. MultipleClaims

Part2–AutomaticExtensions

7. Consultants,Sub-contractorsandAgents

8. ContinuousCover

9. InsurancePreparationCosts

10. CourtAttendance

11. DomesticPartners

12. ExtendedNotificationPeriod

13. EstatesandLegalRepresentatives

14. FormerSubsidiary,FormerPrincipalsetc

15. FraudandDishonesty

16. InquiryCosts

17. JointVentures

18. LossofDocuments

19. MitigationCosts

20. NewlyAcquiredorCreatedSubsidiaries

21. PublicRelationsExpenses

22. Run-OffCoverUntilExpiryofPeriodofCover

23. Imputation

Part3–OptionalExtensions

24. BreachofPrivacy:ResponseCostsandFinesandPenalties

25. FidelityInsurance

26. Subsidiaries–Pre-AcquisitionLiability

27. JointVentures

28. PreviousBusiness

29.Run-offafterMerger,TakeoverorSale

30.IncomingContinuousCover

Part4–Exclusions

31. Asbestos

32. AssociatedPersonsorEntities

33. ContractualLiability/GuaranteeorWarranty

34. FinesandPenalties

36. Insolvency

37. ObligationtoEmployees

38. RadioactivityandNuclearRisk

39. PriorClaims/Circumstances

40. RetroactiveDate

41. TradingDebts

42. USAJurisdiction

43. WarandTerrorism

Part5–ClaimsConditions

44. Notification

45. Co-operation

46. Mitigation

47. OurConsent

48. DefenceandSettlement

49. Disputes

50. ElectiontoContest

51. Allocation

Part6–OtherConditions

52. Assignment

53. Cancellation

54. ChangeofControl

55. Currency

56. GST

57. Plurals,HeadingsandTitles,Interpretation

58. ScopeandGoverningLaw

59. Subrogation

60. AlterationtoRisk

Part7–Definitions

ProfessionalIndemnityPolicyWe,AllianzAustraliaInsuranceLimited,ABN15000122850,AFSLicenceNo.234708willprovideinsuranceinaccordancewiththetermsofthepolicy.

Thepolicywording,endorsementsandthescheduleshallbereadtogetherasonecontract(the“policy”).

Whenreadingthispolicy,pleasenotethatsomewordsandphraseshavedefinedmeanings.ThelistofdefinedwordsandphrasesisincludedinPart7ofthepolicy.Thedefinedwordsandphrasesarehighlightedinblue.

Headingsaredescriptiveonlyandnotdefinedterms.

Part1–WhatWeInsureYouFor1. InsuringClause

1.1 General

Weagreetoindemnifyyouagainstallcivilliabilityfordamagesandawardsofclaimants’costsarisingfromanyclaimthat:

(a) arisesfromtheprovisionbyyouorfailurebyyoutoprovideprofessionalservices;and

(b) isfirstmadeagainstyouduringtheperiodofcover.

1.2 Thecivilliabilityreferredtoinsubclause1.1includes,butisnotrestrictedtocivilliabilityarisingoutof:

(a) anyactualorallegedmisleadingordeceptiveconductatlaworundertheCompetitionandConsumerAct2010(Cth),TradePracticesAct1974(Cth),AustralianSecuritiesandInvestmentsCommissionAct2001(Cth),CorporationsAct2001(Cth)oranyequivalentprovisionsintheStateFairTradingActs,ortheirrespectivesuccessorlegislation;

(b) defamation,slanderorlibel;

(c) anybreachofintellectualorindustrialpropertyortradesecretwhetherregisteredorunregistered,includingbutnotlimitedtotrademarks,designs,patentsandcopyright;

(d) breachofprivacyordutyofconfidentiality.

2. DefenceCosts

2.1 General

Weagreetopayanydefencecosts:

(a) thatweincur;or

(b) thatyouincurwithourwrittenconsent.

2.2 Advancementofdefencecosts

Wewilladvancedefencecostscoveredbythispolicypromptlyafterdetailedinvoicesforthosecostsarereceivedbyus.However,anydefencecoststhatareactuallypaidshallberepayabletousbyyouintheeventandtotheextentthatitisdeterminedunderthepolicythatyouwerenotentitledtoapaymentofdefencecosts.

Exclusion35‘FraudandDishonesty’willnotapplyuntiltheconductisestablishedbyfinaladjudicationofajudicialorarbitraltribunalorbyawrittenadmissionbyyou.

3. LimitofIndemnity

3.1 General

Weareonlyliabletoindemnifyyouforanamountoramountsnogreaterthanthelimitofindemnityforanyoneclaimasstatedintheschedule.

3.2 Defencecostsarepayableinadditiontothelimitofindemnity.However,themaximumamountpayablebyusunderthispolicyinrespectofdefencecostsistheequivalentofthelimitofindemnity.

3.3 Intheeventthattheamountpaidbyyouoronyourbehalftodisposeofaclaimexceedsthepolicy’slimitofindemnityforanyoneclaim,thenthispolicyshallonlycoverthesameproportionofdefencecostsasthispolicy’slimitofindemnityforanyoneclaimbearstothetotalamountpaidtodisposeoftheclaim(exclusiveofdefencecosts).

Ifwehavepaidoradvanceddefencecostsinexcessofthisproportion,youmustreimburseusforsuchdefencecosts.

3.4 Whereweconsiderthatthelimitofindemnityislikelytobeexhaustedbythepaymentofamountspayableunderthispolicywemay,inourabsolutediscretion,electtopayyoutheamountwhichexhauststhelimitofindemnity.Ifweelecttodothis,weshallhavenofurtherobligationtopayanyfurtherdefencecosts.

3.5 Whereaclaimismadeagainstmorethanoneinsuredpersonorentityunderthispolicy,thisshallnotoperatetoincreasethetotalamountpayablebyusunderthispolicy.

3.6 Unlessotherwisestatedinthepolicy:

(i) allamountspayablebyusunderthispolicyshallbeinclusiveofthelimitofindemnityanyoneclaimandnotinadditiontothelimitofindemnityanyoneclaim;

(ii) allamountspaidbyusunderthispolicyshallerodethelimitofindemnityintheaggregate.

(iii) allsublimitsofindemnity,whereprovidedinthepolicy,areinclusiveofthelimitofindemnityanyoneclaimandnotinadditiontothelimitofindemnityanyoneclaim;

(iv) ifthescheduleprovidesforalimitofindemnitythatishigherintheaggregatethanforanyoneclaim,thenreferencesinthispolicytothelimitofindemnityshallonlybeinrespectofthelimitofindemnityforanyoneclaim.

4. Deductible

Unlessotherwisestatedinthepolicy:

(a) wewillbeliableonlyforamountspayableunderthepolicywhichexceedthedeductible;

(b) thedeductibleisnotpartofthelimitofindemnity;

(c) thedeductibleistobebornebytheinsuredandistoremainuninsured;

(d) thedeductibleappliestoallamountspayableunderthepolicy,exceptwherethedeductibleisexpressedinthescheduleas‘exclusiveofcosts’;

(e) ifthedeductibleisexpressedinthescheduleas‘exclusiveofcosts’then:

(i) youmustbearalldefencecostsuptothelimitofthedeductibleiftheclaimmadeagainstyouisforanamountthatislessthanthedeductible;

(ii) otherwisethedeductibleshallnotapplytodefencecostspayableunderthepolicy;

(f) anycostsandexpensesthatweincurtodeterminewhetherweareliabletoindemnifyyouunderthispolicyarenotsubjecttothedeductible;

(g) asingledeductibleshallapplytoeachclaimoreachcoverprovidedbyanExtension.

5. ExtentofIndemnity

5.1 Extensions

Ourliabilitytoindemnifyyouisextendedby:

(a) theautomaticextensionssetoutinPart2ofthispolicyunlessspecificallyexcludedintheschedule;and

(b)anyoptionalextensionssetoutinPart3ofthispolicythatarespecificallyincludedintheschedule;and

(c) anyextensionsincorporatedbyendorsementtothispolicy.

5.2 ExclusionsandConditions

However,unlessexpresslyprovidedotherwise,ourliabilitytoindemnifyyouunderthispolicyandanyendorsementissubjectto:

(a) thelimitofindemnityanddeductiblesetoutinclauses3and4ofthispolicy;and

(b) theexclusionsfromliabilitysetoutinPart4ofthispolicy;and

(c) theclaimsconditionssetoutinPart5ofthispolicy;and

(d) theotherconditionssetoutinPart6ofthispolicy;and

(e) anyexclusions,conditionsorotherprovisionsincorporatedbyendorsementtothispolicy.

6. MultipleClaims

(a) Allcausallyconnectedorinterrelatedacts,errorsoromissionsshalljointlyconstituteasingleact,errororomissionunderthispolicy.

(b)Whereasingleact,errororomissiongivesrisetomorethanoneclaim,allsuchclaimsshalljointlyconstituteoneclaimunderthispolicy.

Part2–AutomaticExtensions7. Consultants,Sub-ContractorsandAgents

Weagreetoindemnifyyouagainstcivilliabilityfordamagesandawardsofclaimants’costsinrespectofanyclaimfirstmadeagainstyouduringtheperiodofcover,arisingfromtheprovisionoforfailuretoprovideprofessionalservicesbyanyconsultant,sub-contractororagentforwhichyouarelegallyliable.

Wewillalsoindemnifyanysuchconsultant,subcontractororagent,providedthattherelevantact,errororomissiongivingrisetotheclaimoccurred:

(a) inthecourseoftheconductbytheconsultant,sub-contractororagentofyourprofessionalserviceswhilstactingforyouoronyourbehalf;and

(b) atthetimewhentheconsultant,sub-contractororagentwasunderyourdirectcontrolandsupervision.

8. ContinuousCover

Weagreetoindemnifyyouagainstcivilliabilityarisingfromanyclaimthatarisesoutoffactswhichfirstbecameknowntoyoupriortotheperiodofcoverwhere:

(a) wewereyourprofessionalindemnityinsureratthetimethefactsfirstbecameknowntoyou(the“previouspolicyperiod”)andhavecontinuedtobeyourprofessionalindemnityinsurerfromthenuntiltheactualdateofnotificationofclaim;and

(b) butforyourfailuretonotifyusofthefactsduringthepreviouspolicyperiod,youwouldhavebeenentitledtoindemnityunderapreviouspolicyissuedbyus;and

(c) butfortheExclusion39‘PriorClaims/Circumstances’youwouldbeentitledtoindemnityunderthispolicy;and

(d) youhavenotcommittedorattemptedtocommitfraudulentnon-disclosureorfraudulentmisrepresentation.

Weareonlyliabletoindemnifyyoutotheextentthatweareobligedtoindemnifyyouunderthetermsandconditionsofthepolicyineffectduringthepreviouspolicyperiod,butinnocircumstancesshallthecovergrantedbythisExtensionbegreaterthanthetermsandconditionsofthepolicyineffectduringthisperiodofcover(includingthelimitofindemnityanddeductible).

9. InsurancePreparationCosts

Wewillpayupto$25,000intheaggregateduringtheperiodofcoverforreasonableprofessionalfeesandsuchotherexternalexpensesincurredbyyouinconnectionwiththepreparationofanyinsuranceinformationorsimilarmaterialatourrequestconcerningamatteryouhavenotifiedtousunderthispolicybutonlywherethatmatterisindemnifiedbyusunderthispolicy.

Thecoverprovidedunderthisextensionoperatesinadditiontothelimitofindemnityanyoneclaimanddoesnoterodetheaggregatelimitofindemnity.

10. CourtAttendance

Wewillpaytheinsured$500perpersonforeachdaythatanofficeroremployeeislegallycompelledtoanddoesattendcourttogiveevidenceinconnectionwithaclaim.ThedeductibledoesnotapplytothisExtension.

11. DomesticPartners

Thedefinitionofyouisextendedtoincludeanyspouseorcivilpartnerofanofficeroremployeeinrespectofaclaimarisingfromtheconductofsuchofficeroremployeeonlyandinwhichthespouseorpartnerhadnoinvolvementandisduesolelytothespouseorcivilpartner’sstatusassuch.

12. ExtendedNotificationPeriod

12.1 Ifthispolicyisneitherrenewednorreplacedwithprofessionalindemnityinsuranceatexpiryoftheperiodofcover,thenyouhaveuntiltheearlierof:

(a) suchtimethatyoueffectanotherprofessionalindemnityinsurancepolicy;or

(b) aperiodofsixty(60)dayscommencingonthedayimmediatelyfollowingexpiryoftheperiodofcover;

duringwhichtonotifyusinwritingofanyclaimfirstmadeagainstyou.

12.2 Theextensionofcoverunderclause12.1issubjecttoeachofthefollowingconditionsbeingsatisfied:

(a) wewilltreattheclaimasifithadbeenmadeagainstyouandnotifiedtousduringtheperiodofcover;

(b) coverageaffordedhereunderdoesnotreinstateorincreasethelimitofindemnityorextendtheperiodofcover;and

(c) coverageaffordedhereunderwillonlyapplytoacts,errorsoromissionscommittedorallegedtohavebeencommittedbyyou:

(i) beforetheendoftheperiodofcover;and

(ii) aftertheretroactivedatespecifiedintheschedule.

13. EstatesandLegalRepresentatives

Thedefinitionofyouisextendedtoincludeyourlegalrepresentatives,heirs,assignsorestatesintheeventofyourdeath,incapacity,insolvencyorbankruptcybutonlytotheextentthatwewouldotherwisehavebeenliabletoindemnifyyou.

18.2 Yourobligationtonotifyus

Youmustnotifyusofthelossofdocumentsassoonaspracticableafteryoudiscoverthelossandinanyeventwithin30days.

18.3 Approvalofbillsoraccounts

Onceyouprovideuswithbillsoraccounts,wemayeither:

(a) indemnifyyou;or

(b)nominateacompetentpersontoreviewthebillsoraccounts.

Ifwenominateacompetentperson,youmustnotifyuswhetherornotyouapproveofournominee.

18.4 Deductible

Notwithstandingclause4,youdonothavetobearthedeductibleinrespectofcostsandexpensescoveredbythisclause.

18.5 Meaningof‘lostdocuments’

Forpurposesofthisclause,‘lostdocuments’meansdocumentsthathavebeendestroyed,damagedormislaidandcannotbefoundafterdiligentsearch.

19. MitigationCosts19.1 Weagreetoindemnifyyouagainstmitigationcosts.

19.2 Weareonlyliabletoindemnifyyouunderclause19.1if:

(a) youwerefirstawareduringtheperiodofcoverofthefacts,circumstances,actsoromissionswhichhavegivenrisetothemitigationcosts(andwhichwouldhavegivenrisetoaclaimbutforthemitigationcosts);and

(b) wearenotifiedwithin15daysofyourdecisiontoincurmitigationcosts;and

(c) youestablishtoourreasonablesatisfactionthatthereisaprobabilitythat:

(i) aclaimwouldhavebeenmadeagainstyouandthatyouwouldhavebeenliableforthatclaimintheabsenceofyourcarryingoutthemitigationorrectificationthesubjectofthemitigationcosts;and

(ii) theamountofyourliabilityfortheclaimwouldhavebeengreaterthanthemitigationcosts.

19.3 Coverformitigationcostsshallnotexceed10%ofthelimitofindemnityanyoneclaim.

20. NewlyAcquiredorCreatedSubsidiariesWeagreetoindemnifyanysubsidiarythatyouacquireorcreateduringtheperiodofcoveragainstcivilliabilityfordamagesandawardsofclaimants’costsarisingfromanyclaimfirstmadeagainstthesubsidiaryuptotheearlierof:

14. FormerSubsidiary,FormerPrincipals,etc

14.1 Thedefinitionofsubsidiaryisextendedtoincludeanyformersubsidiary,butonlyinrespectoftheformersubsidiary’sconductwhileitwasstillyoursubsidiary.

14.2 Thedefinitionofyouisextendedtoincludeanyformerprincipal,officeroremployee,butonlyinrespectoftheirconductwhiletheywerestillyourprincipal,officeroremployee.

Weagreetoindemnifyyouagainstcivilliabilityarisingfromanyclaimthatisfirstmadeagainstyouduringtheperiodofcover,inrespectofanydishonest,fraudulent,maliciousorrecklessactoromissioncommittedorallegedtohavebeencommittedbyanyotherpersonorentitycoveredbythispolicyintheconductofyourprofessionalservices.

WewillnotprovideindemnityunderthisExtension:

(a) toanyinsuredpersonorentitycommittingorcondoningtheact,omissionorbreachthatwouldotherwisehaveresultedinExclusion35‘FraudandDishonesty’applying;

(b) foranylossofcurrency.

16. InquiryCosts

Weagreetoindemnifyyouforinquirycostsuptoanamountnotexceeding$500,000intheaggregatefortheperiodofcover,whichshallbepartofandnotinadditiontothelimitofindemnity.

17. JointVentures

Weagreetoindemnifyyouagainstcivilliabilityfordamagesandawardsofclaimants’costsarisingfromanyclaimfirstmadeagainstyouduringtheperiodofcover,inrespectoftheprovisionoforfailuretoprovideprofessionalservicesbyanyjointventureofwhichyouareapart,providedhoweverthat:

(a) thisExtensionshallindemnifyyouforyourindividualcivilliabilityinrespectofsuchjointventure,butnotforyourjointcivilliability;and

(b) weshallnotbeliabletopayacontributiontoanyinsurerofanyotherparticipantinsuchjointventure.

18. LossofDocuments18.1 General

Weagreetoindemnifyyouagainstcostsandexpensesthatyouincurinreplacingorrestoringlostdocumentsforwhichyouarelegallyresponsiblewhereyoufirstdiscoverthelossduringtheperiodofcover.However,weareonlyliabletoindemnifyyouagainstthosecostsandexpensesforwhichyouprovideuswithbillsoraccountsthatareapprovedundersubclause18.3.

(i) sixty(60)daysaftersuchacquisitionorcreation;or

(ii) theexpiryoftheperiodofcover;

inrespectoftheprovisionoforfailuretoprovideprofessionalservices.

ThisExtensionwillonlyapplyinrespectofclaimsagainstthesubsidiaryarisingfromanact,errororomissionoccurringsubsequenttothedateofyouracquisitionorcreationofthesubsidiary.

ForthepurposesofthisExtension,thedefinitionofsubsidiaryisextendedtomeananyentitythatforthefirsttimeduringtheperiodofcover,theinsuredeitherdirectlyorindirectly:

(a) controlsthecompositionoftheboardofdirectors;

(b) controlsmorethanhalfofthevotingpower;or

(c) holdsmorethanhalfoftheissuedsharecapital.

ShouldtheinsuredrequirethepolicytobeextendedtoincludecoverforsubsidiarieswhichisnotautomaticallyprovidedbythisExtension,thentheinsuredshallprovideuswithanyadditionalinformationrequestedbyustopermitustoevaluatetheacceptabilityoftheadditionalexposure.Weshallhavetheright,butnottheobligation,tooffercoverfortheacquiredorcreatedsubsidiaryonsuchadditionalterms,conditions,exclusionsandadditionalpremiumaswemayrequire.

21. PublicRelationsExpenses

Wewillpaytoyouoronyourbehalfallpublicrelationsexpenses.

CoverunderthisExtensionshallnotexceed$50,000intheaggregatefortheperiodofcover.

22. Run-OffCoverUntilExpiryofPeriodofCover

Weagreethatintheeventthatyouceasetoexistoroperateorbecomeconsolidatedwith,mergedintooracquiredbyanyotherentityeitherbeforeorduringtheperiodofcover,thenthecoverageprovidedunderthispolicywithrespecttosuchpersonorentityshallcontinueuntiltheexpirydateoftheperiodofcover.

ThisExtensiononlyappliesinrespectofclaimsarisingfromanyact,errororomissionoccurringpriortotheeffectivedatethatyouceasedtoexistoroperateorwereconsolidatedwith,mergedintooracquiredbyanotherentity.

23. Imputation

Wheremorethanonepersonorentityisinsuredunderthispolicy:

(a) failurebyaninsuredpersonorentitytocomplywiththedutyofdisclosureundertheInsuranceContractsAct1984(C’wealth);or

(b) misrepresentationbyaninsuredpersonorentitytousbeforethepolicycommences;or

(c) failurebyaninsuredpersonorentitytocomplywithanytermsorconditionsofthispolicy,

doesnotprejudicetherightofanyotherinsuredpersonorentitytoindemnityunderthispolicy.However,thisclauseonlyappliesif:

(i) theotherinsuredpersonorentityisinnocentof,andhasnoknowledgeof,suchconduct;and

(ii) assoonaspracticableafterbecomingawareoftheconduct,theynotifyusofallfactsrelatingtosuchconduct.

(c) youmustbearanydirectfinanciallossthatyouincurasaconsequenceofanyactoromissionoccurringafterthedatethatyoudiscover,orhavereasonablesuspicionof,thedishonest,fraudulent,maliciousorrecklessactoromission;

(d) allinterrelatedindividualdishonest,fraudulentormaliciousactsshallbedeemedtoconstituteasinglelossunderthisExtension.

CoverunderthisExtensionshallnotexceedtheFidelityGuaranteelimitofindemnityspecifiedinthescheduleintheaggregateduringtheperiodofcover.TheFidelityGuaranteedeductiblespecifiedinthescheduleshallapplytoeachdirectfinanciallosscoveredunderthisExtension.

26. Subsidiaries–Pre-AcquisitionLiability

Weagreetoindemnifyasubsidiaryagainstallcivilliabilityfordamagesandawardsofclaimantscostsarisingfromanyclaimthatisfirstmadeagainstthesubsidiaryduringtheperiodofcoverandisnotifiedtousduringtheperiodofcoverinrespectofanyact,errororomissioncommittedorallegedtohavebeencommittedbythesubsidiarybeforethedatethatyouacquiredthesubsidiarybutaftertheretroactivedatespecifiedinthescheduleinrespectofitsconductofthesameprofessionasyourprofessionalservices.

27. JointVentures

AutomaticExtension17‘JointVentures’shallbeextendedtoprovideindemnityforyourjointandindividualcivilliabilityarisingoutofanyclaimmadeagainstyouduringtheperiodofcover,butonlyinrespectofjointventure(s)namedintheschedule.

28. PreviousBusiness

Wherespecificallyagreedbyusbyendorsementtothispolicy,wewillextendindemnityforanyclaimmadeduringtheperiodofcoveragainstsuchpersonwhoisorbecomesaprincipal,orofficerofyoursinrespectofcivilliabilityfordamagesandawardsofclaimants’costsincurredorallegedtohavebeenincurredonthepartofsuchpersonintheconductofthesameprofessionasyourprofessionalbusinessbeforethatpersonjoinedyou.

29. Run-OffafterMerger,TakeoverorSale

Intheeventoftheinsuredbeingsubjecttoamerger,takeoverorsaleduringtheperiodofcover,thenonapplicationbytheinsurednolaterthan30daysafterthemerger,takeoverorsaleiscompletedorbecomeseffective,wemayextendcovertoapplyinrespectofclaimsfirstmadeagainstyou,orinquiriesfirstcommencedandinvolvingyou,foraperiodofupto84calendarmonthsfromtheexpirydateoftheperiodofcoverbutonlyforclaimsthatarisefromacts,errors,omissionsorotherconductoccurringpriortothedateofsuchmerger,takeoverorsale.

Part3–OptionalExtensions24. BreachofPrivacy:ResponseCostsandFinesandPenalties

24.1 Wewillpaythereasonableandnecessaryresponsecostsincurredbyyou,withourpriorconsent,tonotifyanyclient,thirdpartyorregulatorinaccordancewithyourlegalorregulatorydutiesasaresultofanyactual,allegedorsuspectedbreachofprivacyfirstdiscoveredbyyouandnotifiedtousduringtheperiodofcoverinrelationtopersonaldatacollectedduringtheprovisionofprofessionalservices,regardlessofwhetheraclaimhasbeenmadeagainstyou.

24.2 Forthepurposesofsubclause24.1,suchresponsecostsshallnotinclude:

(a) publicrelationsexpenses;

(b)wages,overtime,salariesorfeestoofficersoremployees;

(c) costtocomplywithanyinjunctiverelief.

24.3 NotwithstandingExclusion34‘FinesandPenalties’,wewillalsopayfinesandpenaltiespayablebyyouarisingfromsuchactual,allegedorsuspectedbreachofprivacyunderthePrivacy Act 1988 (Cth)amendmentstheretoorsimilarlegislation.

24.4 Forthepurposesofsubclause24.3,wewillnotbeliabletoindemnifyyouforanysuchfineorpenalty:

(a) forwhichwearelegallyprohibitedfromindemnifyingyouunderanylaw;

(b)basedupon,attributabletoorinconsequenceofanyrecklessnessoranywilful,intentionalordeliberatefailuretocomplywithanylawfulnoticeordirection,enforcementactionorproceedingunderanylegislation.

24.5 CoverunderthisExtension24shallnotexceed$100,000intheaggregatefortheperiodofcover.

25. FidelityInsurance

Wewillindemnifytheinsuredfordirectfinanciallossdiscoveredandnotifiedtousduringtheperiodofcoverresultingfromanydishonest,fraudulentormaliciousactofanyemployeeorofficer,whethercommittedaloneorincollusionwithothers.

OurliabilitytoindemnifyyouunderthisExtensionissubjecttothefollowing:

(a) wearenotliabletoindemnifyyouunderthisExtensionifyoupersonallycommittedorcondonedanyact,omissionorbreachexcludedbyExclusion35‘FraudandDishonesty’;

(b) youmustbearanycostsorexpensesthatyouincurinestablishingorsubstantiatingtheexistenceoramountofthedirectfinancialloss;

ThisExtensionisonlyavailableiftheinsuredacceptstheadditionalterms,conditions,exclusionsorpremiumaswemayrequire.

Ifcoverissoextended,Extension20‘NewlyAcquiredorCreatedSubsidiaries’,andExtension12‘ExtendedNotificationPeriod’aredeletedfromthispolicyfromtheeffectivedateofsuchmerger,takeoverorsale.

30. IncomingContinuousCover

Weagreetoindemnifyyouagainstcivilliabilityarisingfromanyclaimthatarisesoutoffactswhichfirstbecameknowntoyoupriortotheperiodofcoverwhere:

(a) youheldprofessionalindemnityinsuranceatthetimethefactsfirstbecameknowntoyou(the“previouspolicyperiod”);and

(b) butforyourfailuretonotifyyourpreviousprofessionalindemnityinsurerofthefactsduringthepreviouspolicyperiod,youwouldhavebeenentitledtoindemnityunderapreviouspolicy;and

(c) butfortheExclusion39‘PriorClaims/Circumstances’youwouldbeentitledtoindemnityunderthispolicy;and

(d) youhavenotcommittedorattemptedtocommitfraudulentnon-disclosureorfraudulentmisrepresentation.

Weareonlyliabletoindemnifyyoutotheextentthatweareobligedtoindemnifyyouunderthetermsandconditionsofthispolicy,butinnocircumstancesshallthecovergrantedbythisExtensionbegreaterthanthetermsandconditionsofthepolicyineffectduringthe“previouspolicyperiod”(includingthelimitofindemnityanddeductible).

Wemayreduceourliabilitytoyoubytheamountthatfairlyrepresentstheextenttowhichwehavebeenprejudicedasaresultofthelatenotification.ForthepurposesofthisExtension,prejudicewillincludelostopportunitiestoresolvetheclaimanddifficultiesorincreasedcostsincurredindefendingaclaimduetothedelayinnotification.

Part4–ExclusionsWeshallhavenoliabilityunderthispolicy,includinginrespectofanyclaimorcostorexpenseorindemnityorpaymentorloss,arisingoutof,basedupon,attributabletoorinconsequenceof:

31. Asbestos

asbestosoranymaterialscontainingasbestos.

32. Associatedpersonsorentitiesanyclaimmadebyoronbehalfof:

(a) anyinsuredpersonorentity;or

(b) anyparent,successororassignofanyinsuredpersonorentity,or

(c) anyentityinwhichaninsuredpersonorentityorthemanagementoftheinsuredorsubsidiaryhasanexecutiveorcontrollinginterest,or

(d) anyofficeroremployeeunlesssuchclaimismadebyoronbehalfofanofficeroremployeeasacustomerorclientofyours.

33. ContractualLiability/GuaranteeorWarranty

(a) anyliabilityassumedunderanycontractoragreement;or

(b) anyexpressorimpliedguaranteeorwarranty;

excepttotheextentsuchliabilitywouldhaveattachedtoyouintheabsenceofsuchcontractoragreement.

34. FinesandPenalties

punitive,aggravated,multipleorexemplarydamages,orfinesorpenaltiesimposedbylaw.

Thisexclusionshallnotapplytocompensatorycivilpenalties,providedthat:

(a) ourtotalliabilityforthepaymentofcompensatorycivilpenaltiesduringanyoneperiodofcovershallnotexceed$250,000intheaggregate,whichamountshallformpartofandisnotinadditiontothelimitofindemnity;

(b) wewillnotbeliabletoindemnifyyouforanycompensatorycivilpenaltyforwhichwearelegallyprohibitedfromindemnifyingyouunderanylaw;

(c) wewillnotbeliabletoindemnifyyouforanycompensatorycivilpenaltybasedupon,attributabletoorinconsequenceofany:

(i) wilful,intentionalordeliberatefailuretocomplywithanylawfulnoticeordirection,enforcementactionorproceedingunderanylegislation;

(ii) recklessness;

(iii) requirementtopaytaxes,rates,duties,levies,charges,feesoranyotherrevenueorimpost.

42. USAJurisdiction

(a) anyclaimmadeinordeterminedpursuanttothelawoftheUnitedStatesofAmericaoranyofitsterritoriesorprotectorates,oranyinquiryconductedintheUnitedStatesofAmericaoranyofitsterritoriesorprotectorates;or

(b) theenforcementofjudgments,ordersorawardsobtainedwithinordeterminedpursuanttothelawoftheUnitedStatesofAmericaoranyofitsterritoriesorprotectorates.

43. WarandTerrorism

war(declaredorotherwise),terrorism,warlike,military,terroristorguerrillaactivity,sabotage,forceofarms,hostilities(declaredorundeclared),rebellion,revolution,civildisorder,insurrection,usurpedpower,confiscation,nationalisationordestructionofordamagetopropertybyorundertheorderof,anygovernmental,publicorlocalauthorityoranyotherpoliticalorterroristorganisation.

(a) thegainingoforintentionalattempttogainprofit,remunerationoradvantagetowhichyouwerenotlegallyentitled;or

(b) dishonest,fraudulent,malicious,wilfulorcriminalactoromissionbyyouoryourconsultants,sub-contractorsoragents;

intheeventthatanyoftheaboveisestablishedbyfinaladjudicationofajudicialorarbitraltribunalorbyyourwrittenadmission.

36. Insolvency

yourinsolvency,liquidation,administrationorreceivership.

37. ObligationtoEmployees

bodilyinjury,mentalinjury,sickness,diseaseordeathofanyemployeeordamagetoordestructionofanypropertyofanemployee,includinglossofuse,arisingoutoforinthecourseoftheiremployment.

38. RadioactivityandNuclearRisk

ionisingradiationorthecontaminationbyradioactivityfromanynuclearfuelorfromanynuclearwastefromthecombustionofanynuclearfuel.

39. PriorClaims/Circumstances

(a) disclosuretousinthesubmission,ofanyclaim,inquiry,investigation,conduct,factormatterregardlessofhowitisexpressed;or

(b) factsorconductwhichhaveorhasbeennotifiedunderanyearlierpolicy;or

(c) factsorconductwhichyouknew,oroughtreasonablytohaveknown,priortothecommencementofthispolicymightgiverisetoaclaimorinquiry;or

(d) anyproceeding,inquiryorsimilarprocessonfootatthecommencementofthispolicy,oranyproceeding,inquiryorsimilarprocessderivedfromessentiallythesamefactsasinsuchproceeding,inquiryorprocess.

40. RetroactiveDate

anycivilliability,act,errororomissionorotherconductwhichfirstoccursbeforetheretroactivedatespecifiedintheschedule.

41. TradingDebts

anytradingdebtthatyouincuroranyguaranteethatyougiveforadebt.

Part5–ClaimsConditions44. Notification

Youmustnotifyusofanyclaimmadeagainstyouduringtheperiodofcoverassoonaspracticableaftertheclaimismade.Youmustgivenoticeofanyclaim,lossorothermatterinwriting,andsenditto:

TheClaimsManager,ProfessionalRisksDivisionAllianzAustraliaInsuranceLimited2MarketStreet,Sydney,NSW,2000.

45. Co-operation

Youmustatyourowncost:

(i) renderallreasonableassistancetousandco-operateinthedefenceofanyclaimorinquiryandtheassertionofindemnificationandcontributionrights;

(ii) givesuchinformationandassistancetousaswemayreasonablyrequiretoenableittoinvestigateanyclaimorinquiryordetermineourliabilityunderthispolicy.

46. Mitigation

Youmustuseallduediligenceanddoandconcurindoingallthingsreasonablypracticabletoavoidordiminishanycivilliability,defencecostsoranyothercostsorlossinrespectofwhichweareliabletoindemnifyyouunderthispolicy.

47. OurConsent

Youshallnotadmitorassumeanyliability,enterintoanysettlementagreementorconsenttoanyjudgmentinrelationtoanyclaimorinquirywithoutourpriorwrittenconsent.

48. DefenceandSettlement

Wedonotassumeanydutytodefend,andyoushalldefendandcontestanyclaimmadeagainstyouunlessweelectinwritingtotakeoverandconductthedefenceandsettlementofanyclaim.Ifwedonotsoelect,weshallbeentitled,butnotrequired,toparticipatefullyinsuchdefenceandthenegotiationofanysettlement.

IfthereisanydisputebetweenusandyouaboutwhethertoagreetoaproposedsettlementoraboutwhetheraclaimshouldcontinuetobedefendedthedisputeshallbedealtwithinaccordancewithCondition49‘Disputes’.

49. Disputes49.1 General

NeitherwenoryoumayrequiretheothertocontestanyclaimunlessSeniorCounseladvisesthattheclaimshouldbecontested.

Informulatinghisorheradvice,SeniorCounselmusttakeintoconsiderationthedamagesandcostswhicharelikelytoberecoveredbytheplaintiff,thelikelydefencecostsandyourprospectsofsuccessfullydefendingtheclaim.

49.2 AppointmentofSeniorCounsel

Ifaclaimismadeagainstyou,wemaynominateaSeniorCounsel.IfwenominateaSeniorCounsel,youmustnotifyuswhetherornotyouapproveofournomineeassoonaspracticable.IfwecannotagreewithyouuponSeniorCounselwithinareasonabletime,SeniorCounselwillbesuchpersonasthePresidentoftheNewSouthWalesBarAssociationappoints.

49.3 CostsofSeniorCounsel’sOpinion

ThecostofSeniorCounsel’sopinionisincludedinthedefencecosts.

49.4 Meaningof‘SeniorCounsel’

Forpurposesofthisclause,‘SeniorCounsel’meansapractisingbarristerwhoisentitledtopracticeasaQueensCounselorSeniorCounselinAustraliaorNewZealand.

50. ElectiontoContestIfwerecommendsettlementofanyclaimandyoudonotagreetosuchsettlement,youmayelecttocontesttheclaim.However,ourliabilityinconnectionwiththeclaimisthenlimitedtotheamountwerecommendinsettlementplusdefencecostsincurredwithourconsentuptothedatewerecommendsettlementtoyou.

51. Allocation51.1 General

Intheeventthereareanumberofcauseswhichcontributetoaclaimmadeagainstyou,weagreetoindemnifyyouinrespectofyourliabilityforthatpartoftheclaim,includingdefencecosts,whichiscoveredunderthepolicyirrespectiveofwhetheroneormoreoftheothercausesisexcludedunderthepolicy.

51.2 BestEfforts

Bothpartieswillusetheirbesteffortstoagreeuponwhatisattributabletoindemnifiedandexcludedcauses.IntheeventthatanagreementcannotbereachedanExpertshalldetermine,asanExpertbutnotanarbitrator,thecausesofthelossandthepercentageattributabletoeachcause.UntilsuchExperthasmadehisorherdetermination,wemay,atourabsolutediscretion,paysuchamountinsuredunderthisConditionasweconsiderappropriate.

51.3 Meaningof‘Expert’

‘Expert’shallmeananappropriatelyqualifiedindustryexpertnominatedbyus.

56. GST

Theamountthatweareliabletopayunderthispolicywillbereducedbytheamountofanyinputtaxcreditthatyouareormaybeentitledtoclaimforthesupplyofgoodsorservicescoveredbythatpayment.

Ifyouareentitledtoaninputtaxcreditforthepremium,youmustinformusoftheextentofthatentitlementatorbeforethetimeyoumakeaclaimunderthispolicy.WewillnotindemnifyyouforanyGSTliability,finesorpenaltiesthatarisefromorisattributabletoyourfailuretonotifyusofyourentitlement(orcorrectentitlement)toaninputtaxcreditonthepremium.

Ifyouareliabletopayadeductibleunderthispolicy,theamountpayablewillbecalculatedafterdeductionofanyinputtaxcreditthatyouareormaybeentitledtoclaimonpaymentofthedeductible.

57. Plurals,HeadingsandTitles,Interpretation

Wordsandexpressionsinthesingularshallincludetheplural,andviceversa.Also,whereatermofthispolicyisnotspecificallydefined,itisagreedthatthedefinitionnormallyattributedtoitbyanyapplicablelaworbusinesspracticeshallapply.

Thispolicy,itsscheduleandanyendorsementsareonecontractinwhich,unlessthecontextotherwiserequires:

(i) headingsaredescriptiveonly,notanaidtoconstruction;

(ii) singularincludestheplural,andviceversa;

(iii) themaleincludesthefemaleandneuter;

(iv) allreferencestospecificlegislationincludeamendmentstoandre-enactmentsofsuchlegislation;and

(v) referencestopositions,officesortitlesshallincludetheirequivalentsinanyjurisdictioninwhichacoveredclaimismadeorcoveredinquiryconducted.

58. ScopeandGoverningLaw

Anyissuerelatingtotheconstruction,validityoroperationofthispolicyshallbedeterminedinaccordancewiththelawsoftheCommonwealthofAustraliaandtheAustralianStateorTerritoryinwhichthepolicyisissued.Exceptasotherwiseprovidedherein,thepartiessubmittotheexclusivejurisdictionoftheAustraliancourts.

59. Subrogation

Unlessotherwisestatedinthepolicy,intheeventofanypaymentunderthispolicy,weshallbesubrogatedtoallofyourrightsofrecoveryinrespectofsuchpayment.Inaddition,youshallexecuteallandanydocumentationanddoanyotherthings,atyourowncost,asmaybenecessarytoenableustobringanactionorsuitforsuchrecovery.

Part6–OtherConditions52. Assignment

Thispolicyandanyrightsunderorinrespectofitcannotbeassignedbyyouwithoutourpriorwrittenconsent.

53. Cancellation

(i) Youmaycancelthispolicybygivingnoticeinwritingtous.Ifsuchnoticeisgiven,thecancellationwilltakeeffectonthedaythenoticeisreceivedbyus.

(ii) WemaycancelthispolicyinanyofthecircumstancessetoutintheInsuranceContractsAct1984.Suchcancellationistotakeeffect30daysfromthetimenotificationisreceivedbyyou.

(iii) Uponcancellationbyyouorus,youwillreceivean80%proratarefundofpremiumfortheunexpiredportionoftheperiodofcoversubjecttonoclaimsorcircumstancesorinquirieshavingbeenmadeduringtheperiodofcover.

(iv) Whenthepremiumissubjecttoadjustment,cancellationwillnotaffectyourobligationtosupplytoussuchinformationasisnecessarytopermitthepremiumadjustmenttobecalculatedandtopaytheamountoftheadjustmentapplicableuptothedateofcancellation.

54. ChangeofControl

Weshallnotbeliabletomakeanypaymentortoprovideanyservicesinconnectionwithanyclaimorinquiryarisingoutof,baseduponorattributabletoanycivilliability,act,errororomissionorotherconductcommittedaftertheoccurrenceofamerger,takeover,orsale,excepttotheextentthatthereiscoverunderOptionalExtension29‘Run-offafterMerger,TakeoverorSale’,andsuchcoverhasbeenincludedunderthispolicy.

55. Currency

AllmonetaryamountsunderthispolicyareexpressedandpayableinAustraliancurrency.Ifjudgementisrendered,settlementisdenominatedorotheramountpayableunderthispolicyisstatedinacurrencyotherthanAustraliandollars,paymentunderthispolicyshallbemadeinAustraliandollarsatthecashrateofexchangeforthepurchaseofAustraliandollarsdeterminedbythefreemarketrateofexchangeaspublishedinthecurrencyconversionwebsitewww.oanda.com,orifnolongercurrent,acurrencyconversionwebsiteselectedbyusonthedatethefinaljudgementisreachedortheamountofthesettlementisagreedupon.

Anyrecoveryreceivedshallfirstbeappliedagainstthecostsoftherecoveryproceeding,thenanypaymentmadebyusandthentoanybalanceremainingthereafterbeingremittedtoyouuptotheamountofanyuninsuredloss.

YoushallnotdoanythingwhichshallprejudiceourrightsunderthisCondition.

WeagreenottoexerciseanysuchrightsofrecoveryagainstanyofficeroremployeeunlessitisestablishedthatExclusion35‘FraudandDishonesty’appliestotheclaimandtheofficeroremployee.

Inoursolediscretion,wemay,inwriting,waiveanyofitsrightssetforthinthisCondition.

60. AlterationtoRisk

60.1 Youmustnotifyusassoonaspracticableofanymaterialalterationtoriskduringtheperiodofcoverincluding:

(a) ifyousubmittovoluntarybankruptcy,receivershiporliquidation;or

(b) ifyoufailtopaydebts;or

(c) ifyoubreachanyotherobligationgivingrisetotheappointmentofareceiver,bankruptcy,orwindingupproceedings;or

(d) anymaterialchangeinthenatureoftheprofessionalservices.

60.2 Wheresuchnoticeisgivenand/orwherethereisanymaterialalterationtotherisk,wereservetherighttocancelthispolicyinaccordancewiththeInsuranceContractsAct1984(Cth).

60.3 Notwithstanding60.2,intheeventthatyoushouldbecomebankruptorinsolvent,weshallnotberelievedtherebyofthepaymentofanyclaimhereundersolelyduetosuchbankruptcyorinsolvency.

Part7–DefinitionsInthispolicy,unlessthecontextrequiresotherwise:

(a) claimmeans

(i) awrittenorverbaldemandbyathirdpartyforcompensationordamages;or

(ii) acivilproceedingbroughtbyathirdpartyforrecoveryofcompensationordamages,

inrespectofanactualorallegedbreachofprofessionalduty.

(b) currencymeans

anynegotiableinstruments,bearerbonds,coupons,stamps,money,bankorcurrencynotes.

(c) damagesmeans

anyamountthatyoushallbelegallyliabletopayasmonetarycompensationinrespectofjudgmentsorarbitralawardsrenderedagainstyou,orsettlementsenteredintowithourpriorwrittenconsent.

(d) deductiblemeans

theamountspecifiedassuchintheschedule.

(e) defencecostsmeans

allreasonablelegalfees,costsandexpenses,includingdisbursementsforwhichyouarelegallyliableandwhichyouincurredafteraclaimismade,withourpriorwrittenconsent(suchconsentnottobeunreasonablydelayedorwithheld),intheinvestigation,defence,adjustment,settlementorappealofanyclaim.

(f) directfinanciallossmeans

thephysicallossofcurrencybelongingtoyouorinyourcare,custodyorcontrol,sustainedbyyoudirectlyasaresultofadishonest,fraudulentormaliciousact.Itdoesnotmean:

(i) costs,feesorexpensesofprosecutingordefendinganydemand,claimorlegalproceedingresultingfromadirectfinanciallosscoveredbythispolicy;

(ii) costs,feesorotherexpensesinestablishingtheexistenceoramountofanydirectfinancialloss;

(iii) salary,wages,commissions,fees,bonuses,promotions,awards,profit-sharing,superannuationoranyotherremunerationofanyemployeeorofficer;

(iv) completeorpartialnon-paymentunderanycreditarrangement;

(v) interestorotherindirectorconsequentialloss;

However,inquirydoesnotinclude:

(iv) anyof(i),(ii)or(iii)abovethatrelatestoanindustryeventorpracticeandnotspecificallytoyourconductprovidingprofessionalservices;

(v) routineregulatorysupervision,inspectionorcompliancereviews;

(vi) anyinquiryconductedintheUnitedStatesofAmericaorCanadaoranyofitsterritoriesorpossessions.

(j) inquirycostsmeans

allreasonablelegalcostsandexpensesforwhichyouarelegallyliableandwhichareincurredbyyou,withourpriorconsent(suchconsentnottobeunreasonablydelayedorwithheld),forlegalrepresentationinconnectionwith,preparationfor,attendanceatorcompliancewithaninquiry.

(k) insuredmeans

theorganisationornaturalperson(s)specifiedassuchintheschedule.

(l) limitofindemnitymeans

theamountspecifiedassuchintheschedule.

(m) mitigationcostsmeans

allcostsandexpensesnecessarilyincurredbyyouthatare:

(i) directly,solelyandexclusivelyattributableto;and

(ii) reasonablyincurred;

tomitigateorrectifyanerrororomissionthatcouldhaveresultedinaclaimbeingmadeagainstyouandforwhichthepolicywouldrespondifaclaimhadbeenmade.

Itdoesnotmeanorinclude:

(i) yourlossofopportunity,revenueorprofits;

(ii) amountspaidbyyousolelyforthepurposeofreducingorremovingreputationalrisktothebusiness;

(iii) damages,compensationorotherpaymentsmade,orconsiderationgiven,tocustomers,clientsorpotentialclaimants;

(iv) anyamountonceaclaimismade.

(n) officermeans

(i) adirectororsecretaryoftheinsuredorsubsidiary;or

(ii) aperson:

(a) whomakes,orparticipatesinmaking,decisionsthataffectthewhole,orasubstantialpart,ofthebusinessoftheinsuredorsubsidiary;or

(b) whohasthecapacitytoaffectsignificantlytheinsured’sorsubsidiary’sfinancialstanding;or

(vi) anyfinanciallosssustained,whilstinthecare,custodycontrolofanyfinancialinstitutionorarmouredsecuritycompany;

(vii) expensesincurredinreplacingdataorredesigningofsoftware;

(viii) losssustainedbyoneinsuredpersonorentitytotheadvantageofanotherinsuredpersonorentity.

(g) discoveredmeans

whenanofficerfirstbecomesawareoffactswhichwouldcauseareasonablepersontobelievethatadirectfinanciallosshasbeenorislikelytobeincurred,eventhoughtheexactamountordetailsofthedirectfinanciallossarenotknownatthetimeofdiscovery.

(h) employeemeans

anynaturalpersonwhois,hasbeenorduringtheperiodofcoverbecomesexpresslyengagedunderacontractofemploymentwithanyinsuredorsubsidiary.

(i) inquirymeans

(i) aninvestigation,examinationorinquirybyanyprofessionalbodyofwhichyouareamember,orexternalofficialpersonorbodyhavinglegalauthoritytoconductaninvestigation,includingaRoyalCommission,intoyourprofessionalservicesandforwhich:

(a) thenoticeorprocessrequiringyoutoattendortoproducedocumentsoranswerquestionsisfirstservedduringtheperiodofcover;or

(b) youareidentifiedinwritingduringtheperiodofcoverbysuchauthorisedpersonorbodyasatargetoftheinvestigation,examinationorinquiry;or,

(ii) araidon,oron-sitevisitto,youwhichfirsttakesplaceduringtheperiodofcoverbyaregulator,governmentbodyoranyotherexternalofficialpersonorbodyhavinglegalauthoritytoconductaninvestigationintotheprovisionofyourprofessionalservicesandwhichinvolvesyouintheproduction,review,copyingorconfiscationofdocumentsoraninterview;or

(iii) apublicannouncementrelatingto(ii)abovemadebytheauthorityperformingtheraidoron-sitevisit.

Itisnotnecessarythataclaimismadeagainstyou.

(ii) controlsmorethanhalfofthevotingpower;or

(iii) holdsmorethanhalfoftheissuedsharecapital.

(u) terrorismmeans

anact,includingbutnotlimitedtotheuseofforceorviolenceand/orthethreatthereof,ofanypersonorgroup(s)ofpersonswhetheractingaloneoronbehalfoforinconnectionwithanyorganisation(s)orgovernment(s),committedforpolitical,religious,ideologicalorsimilarpurposesincludingtheintentiontoinfluenceanygovernmentand/ortoputthepublicoranysectionofthepublicinfear.

(v) we,us,ourmeans

AllianzAustraliaInsuranceLimited,ABN15000122850,AFSLicenceNo.234708.

(w) you,yourmeans

(i) theinsuredandanysubsidiarythereof;and

(ii) anyofficerbutonlywhenactingwithinthescopeoftheirdutiesintheperformanceofprofessionalservices(asdistinguishedfromcarryingoutdutiesasanofficeroftheinsuredinrelationtotheinsured’sownaffairs);or

(iii) anyemployeebutonlywhenactingwithinthescopeoftheirdutiesintheperformanceofprofessionalservices.

(c) inaccordancewithwhoseinstructionsorwishesthedirectorsoftheinsuredorsubsidiaryareaccustomedtoact(excludingadvicegivenbythepersonintheproperperformanceoffunctionsattachingtotheperson’sprofessionalcapacityortheirbusinessrelationshipwiththedirectorsortheinsuredorsubsidiary).

(o) periodofcovermeans

theperiodoftimespecifiedassuchintheschedule.

(p) professionalservicesmeans

theprofessionalservicesprovidedbyyouforafeeorotherremunerationinrespectoftheProfessionalBusinessasspecifiedintheschedule.

(q) publicrelationsexpensesmeans

allreasonablepaymentsincurredbyyouwithourpriorwrittenconsent(suchconsentnottobeunreasonablydelayedorwithheld)forpublicrelations,crisismanagementorlegalservicesreasonablyrequiredtopreventorminimiseadverseornegativepublicityasadirectresultofaclaimorinquirycoveredbythispolicy.

Itdoesnotmeanorinclude:

(i) responsecostsasdefinedunderOptionalExtension24‘BreachofPrivacy:ResponseCostsandFinesandPenalties’;

(ii) youroverheads,staffremunerationormanagementtime;

(iii) compensationorotherpaymentsmadetocustomers,clientsorpotentialclaimants;

(iv) finesorpenalties;or

(v) thecostsandexpensesofcomplyingwithanyorderfor,grantoforagreementtoprovideinjunctiveorothernon-monetaryrelief.

(r) schedulemeans

theschedulerelatingtoandformingpartofthispolicy,includinganyendorsementsthereto.

(s) submissionmeans

eachandeveryproposalform,thestatements,andrepresentationstherein,itsattachmentsandallothermaterialinformationsubmittedtousinrespectofthispolicy.

(t) subsidiarymeans

anyentityatthecommencementoftheperiodofcoverthattheinsuredeitherdirectlyorindirectly:

(i) controlsthecompositionoftheboardofdirectors;

Contact: finlines@allianz.com.au

Allianz Australia Insurance Limited (Allianz)ABN 15 000 122 850AFS Licence No. 2347082 Market Street Sydney NSW 2000 Telephone: 13 2664

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