Professional Indemnity Policy Construction Projects · Before you enter into a contract of...

Professional Indemnity Policy Construction ProjectsPolicy Document.

39673 POL811 Pro Indemnity_Projects_cov_D4.indd 1 24/11/2015 2:26 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:

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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. InsurancePreparationCosts

9. CourtAttendance

10. DomesticPartners

11. EstatesandLegalRepresentatives

12. FormerSubsidiary,FormerPrincipalsetc

13. FraudandDishonesty

14. InquiryCosts

15. JointVentures

16. LossofDocuments

17. MitigationCosts

18. NewlyAcquiredorCreatedSubsidiaries

19. PublicRelationsExpenses

20. Imputation

21. PrincipalsIndemnity

Part3–OptionalExtensions

22. BreachofPrivacy:ResponseCostsandFinesandPenalties

23. FidelityInsurance

24. JointVentures

25.ContractualLiability

26 LimitationofLiability

27.WorkplaceStatutoryLiabilityInsurance

28.CollateralWarranties

29.ProportionateLiabilityWaiver

Part4–Exclusions30. Asbestos

31. AssociatedPersonsorEntities

32. ContractualLiability/GuaranteeorWarranty

33. FinesandPenalties

35. ObligationtoEmployees

36. RadioactivityandNuclearRisk

37. PriorClaims/Circumstances

38. RetroactiveDate

39. TradingDebts

40. USAJurisdiction

41. WarandTerrorism

42.CostsEstimates

43. Insolvency

44.InsuranceandFinancialAdvice

45.Manufacturing,ConstructionandPropertyDevelopment

46.PersonalInjuryandPropertyDamage

47.UseofProperty

Part5–ClaimsConditions48. Notification

49. Co-operation

50. Mitigation

51. OurConsent

52. DefenceandSettlement

53. Disputes

54. ElectiontoContest

55. Allocation

Part6–OtherConditions56. Assignment

57. ChangeofControl

58. Currency

59. GST

60. Plurals,HeadingsandTitles,Interpretation

61. ScopeandGoverningLaw

62. Subrogation

63. 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 2.1General

Weagreetopayanydefencecosts:

(a)thatweincur;or

(b)thatyouincurwithourwrittenconsent.

2.2 Advancementofdefencecosts

Wewilladvancedefencecostscoveredbythispolicypromptlyafterdetailedinvoicesforthosecostsarereceivedbyus.However,anydefencecoststhatareactuallypaidshallberepayabletousbyyouintheeventandtotheextentthatitisdeterminedunderthepolicythatyouwerenotentitledtoapaymentofdefencecosts.

Exclusion34‘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;

(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. InsurancePreparationCosts

Wewillpayupto$25,000intheaggregateduringtheperiodofcoverforreasonableprofessionalfeesandsuchotherexternalexpensesincurredbyyouinconnectionwiththepreparationofanyinsuranceinformationorsimilarmaterialatourrequestconcerningamatteryouhavenotifiedtousunderthispolicybutonlywherethatmatterisindemnifiedbyuscoveredunderthispolicy.

Thecoverprovidedunderthisextensionoperatesinadditiontothelimitofindemnityanyoneclaimanddoesnoterodetheaggregatelimitofindemnity.

9. CourtAttendance

Wewillpaytheinsured$500perpersonforeachdaythatanofficeroremployeeislegallycompelledtoanddoesattendcourttogiveevidenceinconnectionwithaclaim.ThedeductibledoesnotapplytothisExtension.

10. DomesticPartners

Thedefinitionofyouisextendedtoincludeanyspouseorcivilpartnerofanofficeroremployeeinrespectofaclaimarisingfromtheconductofsuchofficeroremployeeonlyandinwhichthespouseorpartnerhadnoinvolvementandisduesolelytothespouseorcivilpartner’sstatusassuch.

11. EstatesandLegalRepresentatives

Thedefinitionofyouisextendedtoincludeyourlegalrepresentatives,heirs,assignsorestatesintheeventofyourdeath,incapacity,insolvencyorbankruptcybutonlytotheextentthatwewouldotherwisehavebeenliabletoindemnifyyou.

12. FormerSubsidiary,FormerPrincipalsetc

12.1 Thedefinitionofsubsidiaryisextendedtoincludeanyformersubsidiary,butonlyinrespectoftheformersubsidiary’sconductwhileitwasstillyoursubsidiary.

12.2 Thedefinitionofyouisextendedtoincludeanyformerprincipal,officeroremployee,butonlyinrespectoftheirconductwhiletheywerestillyourprincipal,officeroremployee.

Weagreetoindemnifyyouagainstcivilliabilityarisingfromanyclaimthatisfirstmadeagainstyouduringtheperiodofcover,inrespectofanydishonest,fraudulent,maliciousorrecklessactoromissioncommittedorallegedtohavebeencommittedbyanyotherpersonorentitycoveredbythispolicyintheconductofyourprofessionalservices.

WewillnotprovideindemnityunderthisExtension:

(a) toanyinsuredpersonorentitycommittingorcondoningtheact,omissionorbreachthatwouldotherwisehaveresultedinExclusion34‘FraudandDishonesty’applying;

(b) foranylossofcurrency.

14. InquiryCosts

Weagreetoindemnifyyouforinquirycostsuptoanamountnotexceeding$500,000intheaggregatefortheperiodofcover,whichshallbepartofandnotinadditiontothelimitofindemnity.

15. JointVentures

Weagreetoindemnifyyouagainstcivilliabilityfordamagesandawardsofclaimants’costsarisingfromanyclaimfirstmadeagainstyouduringtheperiodofcover,inrespectoftheprovisionoforfailuretoprovideprofessionalservicesbyanyjointventureofwhichyouareapart,providedhoweverthat:

(a) thisExtensionshallindemnifyyouforyourindividualcivilliabilityinrespectofsuchjointventure,butnotforyourjointcivilliability;and

(b) weshallnotbeliabletopayacontributiontoanyinsurerofanyotherparticipantinsuchjointventure.

16. LossofDocuments

16.1 General

Weagreetoindemnifyyouagainstcostsandexpensesthatyouincurinreplacingorrestoringlostdocumentsforwhichyouarelegallyresponsiblewhereyoufirstdiscoverthelossduringtheperiodofcover.However,weareonlyliabletoindemnifyyouagainstthosecostsandexpensesforwhichyouprovideuswithbillsoraccountsthatareapprovedundersubclause16.3.

16.2 Yourobligationtonotifyus

Youmustnotifyusofthelossofdocumentsassoonaspracticableafteryoudiscoverthelossandinanyeventwithin30days.

ThisExtensionwillonlyapplyinrespectofclaimsagainstthesubsidiaryarisingfromanact,errororomissionoccurringsubsequenttothedateofyouracquisitionorcreationofthesubsidiary.

ForthepurposesofthisExtension,thedefinitionofsubsidiaryisextendedtomeananyentitythatforthefirsttimeduringtheperiodofcover,theinsuredeitherdirectlyorindirectly:

(a) controlsthecompositionoftheboardofdirectors;

(b) controlsmorethanhalfofthevotingpower;or

(c) holdsmorethanhalfoftheissuedsharecapital.

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

19. PublicRelationsExpensesWewillpaytoyouoronyourbehalfallpublicrelationsexpenses.

CoverunderthisExtensionshallnotexceed$50,000intheaggregatefortheperiodofcover.

20. ImputationWheremorethanonepersonorentityisinsuredunderthispolicy:

(a) failurebyaninsuredpersonorentitytocomplywiththedutyofdisclosureundertheInsuranceContractsAct1984(C’wealth);or

(b) misrepresentationbyaninsuredpersonorentitytousbeforethepolicycommences;or

(c) failurebyaninsuredpersonorentitytocomplywithanytermsorconditionsofthispolicy,

doesnotprejudicetherightofanyotherinsuredpersonorentitytoindemnityunderthispolicy.However,thisclauseonlyappliesif:

(i) theotherinsuredpersonorentityisinnocentof,andhasnoknowledgeof,suchconduct;and

(ii) assoonaspracticableafterbecomingawareoftheconduct,theynotifyusofallfactsrelatingtosuchconduct.

21. PrincipalsIndemnity

Weagreetoindemnifyanyprincipalwhereyouareobligatedbyvirtueofawrittencontractfortheprovisionofprofessionalservicestothatprincipaltoprovideinsuranceasisaffordedbythispolicy,foranyclaimfirstmadeduringtheperiodofcoveragainsttheprincipalforitscivilliabilityarisingvicariouslyfromyourperformanceofprofessionalservicesfortheprincipal.

16.3 Approvalofbillsoraccounts

Onceyouprovideuswithbillsoraccounts,wemayeither:

(a) indemnifyyou;or

(b)nominateacompetentpersontoreviewthebillsoraccounts.

Ifwenominateacompetentperson,youmustnotifyuswhetherornotyouapproveofournominee.

16.4 Deductible

Notwithstandingclause4,youdonothavetobearthedeductibleinrespectofcostsandexpensescoveredbythisclause.

16.5 Meaningof‘lostdocuments’

Forpurposesofthisclause,‘lostdocuments’meansdocumentsthathavebeendestroyed,damagedormislaidandcannotbefoundafterdiligentsearch.

17. MitigationCosts

17.1 Weagreetoindemnifyyouagainstmitigationcosts.

17.2 Weareonlyliabletoindemnifyyouunderclause17.1if:

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

(b)wearenotifiedwithin15daysofyourdecisiontoincurmitigationcosts;and

(c) youestablishtoourreasonablesatisfactionthatthereisaprobabilitythat:

(i) aclaimwouldhavebeenmadeagainstyouandthatyouwouldhavebeenliableforthatclaimintheabsenceofyourcarryingoutthemitigationorrectificationthesubjectofthemitigationcosts;and

(ii) theamountofyourliabilityfortheclaimwouldhavebeengreaterthanthemitigationcosts.

17.3 Coverformitigationcostsshallnotexceed10%ofthelimitofindemnityanyoneclaim.

18. NewlyAcquiredorCreatedSubsidiaries

Weagreetoindemnifyanysubsidiarythatyouacquireorcreateduringtheperiodofcoveragainstcivilliabilityfordamagesandawardsofclaimants’costsarisingfromanyclaimfirstmadeagainstthesubsidiaryuptotheearlierof:

(i) sixty(60)daysaftersuchacquisitionorcreation;or

(ii) theexpiryoftheperiodofcover;

inrespectoftheprovisionoforfailuretoprovideprofessionalservices.

TheindemnityprovidedbythisExtensionissubjecttothefollowing:

(a) indemnityisprovidedonlytotheextentrequiredbysuchcontractandsubjecttothetermsandconditionsofthispolicy;and

(b) iftheclaimhadbeenfirstmadeagainstyou,youwouldhavebeenentitledtoindemnityunderthispolicy;and

(c) weshallmaintaintheconductandcontrolofanyclaimforwhichtheprincipalseeksindemnityunderthispolicy;and

(d) theindemnitydoesnotapplytotheprincipal’sownacts,errorsoromissions.

ForthepurposesofthisExtension,‘principal’meanstheownerorproprietoroftheproject,providedthat:

(i) theprincipalhasnoinvolvementinthedesign,construction,managementorsupervisionoftheproject;and

(ii) youhaveenteredintoawrittenagreementtoprovideprofessionalservicestotheprincipal.

Part3–OptionalExtensions22. BreachofPrivacy:ResponseCostsandFinesandPenalties

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

22.2 Forthepurposesofsubclause22.1,suchresponsecostsshallnotinclude:

(a) publicrelationsexpenses;

(b)wages,overtime,salariesorfeestoofficersoremployees;

(c) costtocomplywithanyinjunctiverelief.

22.3 NotwithstandingExclusion33‘FinesandPenalties’,wewillalsopayfinesandpenaltiespayablebyyouarisingfromsuchactual,allegedorsuspectedbreachofprivacyunderthe Privacy Act 1988 (Cth)amendmentstheretoorsimilarlegislation.

22.4 Forthepurposesofsubclause22.3,wewillnotbeliabletoindemnifyyouforanysuchfineorpenalty:

(a) forwhichwearelegallyprohibitedfromindemnifyingyouunderanylaw;

(b)basedupon,attributabletoorinconsequenceofanyrecklessnessoranywilful,intentionalordeliberatefailuretocomplywithanylawfulnoticeordirection,enforcementactionorproceedingunderanylegislation.

22.5 CoverunderthisExtensionshallnotexceed$100,000intheaggregatefortheperiodofcover.

23. FidelityInsurance

Wewillindemnifytheinsuredfordirectfinanciallossdiscoveredandnotifiedtousduringtheperiodofcoverresultingfromanydishonest,fraudulentormaliciousactofanyemployeeorofficer,whethercommittedaloneorincollusionwithothers.

OurliabilitytoindemnifyyouunderthisExtensionissubjecttothefollowing:

(a) wearenotliabletoindemnifyyouunderthisExtensionifyoupersonallycommittedorcondonedanyact,omissionorbreachexcludedbyExclusion34‘FraudandDishonesty’;

Wewillnotbeliabletoindemnifyyouforanyfineorpenaltyforwhichwearelegallyprohibitedfromindemnifyingyouunderanylaw.

CoverunderthisExtensionshallnotexceed$250,000intheaggregatefortheperiodofcover.

28. CollateralWarranties

NotwithstandingExclusion32‘ContractualLiability/GuaranteeorWarranty’,weagreetoindemnifyyouagainstcivilliabilityfordamagesandawardsofclaimants’costsinrespectofanyclaimisfirstmadeagainstyouduringtheperiodofcoverinrespectofanycollateralwarrantiesorsimilaragreementsprovidedtousbyyou,andwherewehavespecificallyagreedinwritingtoindemnifyyouinrespectofsuchcollateralwarrantyorsimilaragreement.

Weareonlyliabletoindemnifyyoutotheextentthatthebenefitsofsuchwarrantiesoragreementsarenotgreaterorlongerlastingthanthosegiventothepartywithwhomyouoriginallycontractedtoprovideprofessionalservices,andonlytotheextentthatsuchliabilitywouldhaveattachedtoyouintheabsenceofsuchcontractualduty,termoragreement.

ForthepurposeofthisExtension,wearenotliabletoindemnifyyouinrespectofanyclaimdirectlyorindirectlybasedupon,attributableto,orinconsequenceofany:

(a) liabilityarisingfromtheprovisionbyyouofanexpresstermguaranteeingorwarrantingthefitnessforpurposeorsimilar;

(b) liabilityarisingunderanyexpressguaranteethattheworkswillsatisfyanyparticularperformancespecificationoranyexpressguaranteerelatingtotheperiodoftheproject;

(c) anyexpresscontractualpenaltyofafinancialnatureorliquidateddamages.

29. ProportionateLiabilityWaiver

WeagreethatExclusion32,‘ContractualLiability/GuaranteeorWarranty’doesnotapplytoliabilityassumedbyyouunderacontractbyreasonofhavingcontractedoutoftheoperationoftheProportionateLiabilityLegislation.

ForthepurposesofthisExtension,‘ProportionateLiabilityLegislation’meansCivilLiabilityAct2002(NSW)Pt4,WrongsAct1958(Vic)PtIVAA,CivilLiabilityAct2002(WA)Pt1F,CivilLiabilityAct2003(Qld)Pt2,CivilLaw(Wrongs)Act2002(ACT)Ch7A,ProportionateLiabilityAct2005(NT),CivilLiabilityAct2002(Tas)Part9A,LawReform(ContributoryNegligenceandApportionmentofLiability)Act2001(SA)Pt3,TradePracticesAct(Cth)s87C,DevelopmentAct1993(SA)s72,BuildingAct2004(ACT)s141andBuildingAct2000(Tas)s252,andanysimilarlegislationasamendedfromtimetotime.

(b) youmustbearanycostsorexpensesthatyouincurinestablishingorsubstantiatingtheexistenceoramountofthedirectfinancialloss;

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

(d) allinterrelatedindividualdishonest,fraudulentormaliciousactsshallbedeemedtoconstituteasinglelossunderthisExtension.

CoverunderthisExtensionshallnotexceedtheFidelityGuaranteelimitofindemnityspecifiedinthescheduleintheaggregateduringtheperiodofcover.TheFidelityGuaranteedeductiblespecifiedinthescheduleshallapplytoeachdirectfinanciallosscoveredunderthisExtension.

24. JointVentures

AutomaticExtension15‘JointVentures’shallbeextendedtoprovideindemnityforyourjointandindividualcivilliabilityarisingoutofanyclaimmadeagainstyouduringtheperiodofcover,butonlyinrespectofjointventure(s)namedintheschedule.

25. ContractualLiability

NotwithstandingExclusion32‘ContractualLiability/GuaranteeorWarranty’wewillindemnifyyouagainstcivilliabilityyouincurinrespectofaclaimunderanindemnityand/orholdharmlesstermofacontracttotheextentsuchcivilliabilityarisesoutofyourperformanceofprofessionalservices.

26. LimitationofLiability

NotwithstandingClause63,‘Subrogation’,werecognisethatyoumayenterintowrittencontractswithotherpartiesrelatingtotheperformanceofyourprofessionalservicesthatmayexcludeorlimittheliabilityofsuchpartiesandweagreethatsuchcontractswillnotprejudiceyourrighttoindemnityunderthispolicy.

ThecoverprovidedunderthisExtensiondoesnotapplytocontracts(whetherornottheyarewrittencontracts)enteredintoasaresultofadisputethatinvolvesyouinanyway.

27. WorkplaceStatutoryLiabilityInsurance

Notwithstandingthe‘Exclusion33‘FinesandPenalties’andExclusion35‘ObligationtoEmployees’,wewillpayonyourbehalfalldefencecostsandanyfinesandpenaltiesincurredinconnectionwithanyclaimfirstmadeagainstyouduringtheperiodofcoverforanyact,error,omissionorotherconductthatgivesrisetoanotifiableincidentunderworkhealthandsafetylegislationinAustralia,providedthattheconductgivingrisetotheclaimwasnotintentional,wilful,recklessordeliberate.

Part4–ExclusionsThispolicyshallnotcoveranyclaimorcostorexpensearisingoutof,basedupon,attributabletoorinconsequenceof:

30. Asbestos

asbestosoranymaterialscontainingasbestos.

31. Associatedpersonsorentities

anyclaimmadebyoronbehalfof:

(a) anyinsuredpersonorentity;or

(b) anyparent,successororassignofanyinsuredpersonorentity,or

(c) anyentityinwhichaninsuredpersonorentityorthemanagementoftheinsuredorsubsidiaryhasanexecutiveorcontrollinginterest,or

(d) anyofficeroremployeeunlesssuchclaimismadebyoronbehalfofanofficeroremployeeasacustomerorclientofyours.

32. ContractualLiability/GuaranteeorWarranty

(a) anyliabilityassumedunderanycontractoragreement;or

(b) anyexpressorimpliedguaranteeorwarranty;

excepttotheextentsuchliabilitywouldhaveattachedtoyouintheabsenceofsuchcontractoragreement.

33. 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.

(a) thegainingoforintentionalattempttogainprofit,remunerationoradvantagetowhichyouwerenotlegallyentitled;or

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

intheeventthatanyoftheaboveisestablishedbyfinaladjudicationofajudicialorarbitraltribunalorbyyourwrittenadmission.

35. ObligationtoEmployees

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

36. RadioactivityandNuclearRisk

ionisingradiationorthecontaminationbyradioactivityfromanynuclearfuelorfromanynuclearwastefromthecombustionofanynuclearfuel.

37. PriorClaims/Circumstances

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

(b) factsorconductwhichhaveorhasbeennotifiedunderanyearlierpolicy;or

(c) factsorconductwhichyouknew,oroughtreasonablytohaveknown,priortothecommencementofthispolicymightgiverisetoaclaimorinquiry;or

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

38. RetroactiveDate

anycivilliability,act,errororomissionorotherconductwhichfirstoccursbeforetheretroactivedatespecifiedintheschedule.

39. TradingDebts

anytradingdebtthatyouincuroranyguaranteethatyougiveforadebt.

(c) supervisionofanyconstruction,assembly,installation,erectionormaintenanceunlesssuchsupervisionisprovidedasaspecificallycontractedconstructionmanagerorprojectmanager(butnotincludingsupervisionaswouldbeundertakeninacapacitynormallyprovidedbyabuildingorengineeringcontractoractinginsuchcapacityalone);or

(d) youractivitiesasapropertydeveloper.

46. PersonalInjuryandPropertyDamage

(a) bodilyinjury,sickness,disease,mentalinjury,mentalanguish,nervousshock,emotionaldistressordeathofanyperson;or

(b) physicallossof,damageto,ordestructionofanytangiblepropertyincludinganylossofuseoftangibleproperty;

unlessdirectlyarisingoutofyourprovisionoforfailuretoprovideprofessionalservices.

47. UseofProperty

theownership,use,occupationorleasingofanypropertybyyou,tooronyourbehalf.

40. USAJurisdiction(a) anyclaimmadeinordeterminedpursuanttothelaw

oftheUnitedStatesofAmericaoranyofitsterritoriesorprotectorates,oranyinquiryconductedintheUnitedStatesofAmericaoranyofitsterritoriesorprotectorates;or

(b) theenforcementofjudgments,ordersorawardsobtainedwithinordeterminedpursuanttothelawoftheUnitedStatesofAmericaoranyofitsterritoriesorprotectorates.

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

42. CostsEstimatesanyestimateofconstructioncostorcostestimatebeingexceededexceptwheresuchestimatesarecompiledbyaregisteredquantitysurveyororotherappropriatelyqualifiedprofessional.

43. Insolvencytheinsolvency,liquidation,administrationorreceivershipofyouoranypartyinvolvedinanyprojectorcontract.

44. InsuranceandFinancialAdvice(a) anyfailuretoeffectormaintaininsurance,

suretyorbond;or

(b) adviceoninsurance;or

(c) adviceoninvestment,marketing,financialortaxmatters;or

(d) theprovisionoffinance.

45. Manufacturing,ConstructionandPropertyDevelopment(a) defectsorallegeddefectsinanyproduct

manufactured,supplied,installed,assembled,erectedormaintainedbyyouexcepttotheextentthatsuchdefectsareattributabletoyourfaultydesignorspecification;or

(b) anyconstruction,assembly,installation,erectionormaintenanceotherthanwhereaclaimisattributabletoyourfaultydesignorspecification;or

Part5–ClaimsConditions48. Notification

Theinsuredshallgivewrittennoticetousofanyclaimfirstmadeagainstyouorinquiryduringtheperiodofcoverordirectfinanciallossdiscoveredassoonasreasonablypracticablefollowingfirstawarenessofsuchclaim,inquiryordirectfinancialloss.

Allnotificationsmustbeinwritingto:

ClaimsManager–FinancialLines

AllianzAustraliaInsuranceLimited

2MarketStreet,SydneyNSW2000,Australia

Ifposted,thedateofpostingshallconstitutethedatethatnoticewasgiven,andproofofpostingshallbesufficientproofofnotice.

Noticeofanyclaimorinquirymustincludefullparticulars,includingbutnotlimitedto:

(i) fulldetailsofsuchclaimorinquiry,

(ii) thepartiesinvolved,and

(iii) acopyofanydocumentcommencingproceedings,oranywrittennoticeofanyinquiry.

Wemustbeadvised,withinareasonabletimeofanynotification,ofanyotherinsurancepolicywhichmayapplytoanyclaimorinquirycoveredunderthispolicy.

49. Co-operation

Youmustatyourowncost:

(i) renderallreasonableassistancetousandco-operateinthedefenceofanyclaimorinquiryandtheassertionofindemnificationandcontributionrights;

(ii) givesuchinformationandassistancetousaswemayreasonablyrequiretoenableittoinvestigateanyclaimorinquiryordetermineourliabilityunderthispolicy.

50. Mitigation

Youmustuseallduediligenceanddoandconcurindoingallthingsreasonablypracticabletoavoidordiminishanycivilliability,defencecostsoranyothercostsorlossinrespectofwhichweareliabletoindemnifyyouunderthispolicy.

51. OurConsent

Youshallnotadmitorassumeanyliability,enterintoanysettlementagreementorconsenttoanyjudgmentinrelationtoanyclaimorinquirywithoutourpriorwrittenconsent.

52. DefenceandSettlement

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

IfthereisanydisputebetweenusandyouaboutwhethertoagreetoaproposedsettlementoraboutwhetheraclaimshouldcontinuetobedefendedthedisputeshallbedealtwithinaccordancewithCondition53‘Disputes’.

53. Disputes

53.1 General

NeitherwenoryoumayrequiretheothertocontestanyclaimunlessSeniorCounseladvisesthattheclaimshouldbecontested.

Informulatinghisorheradvice,SeniorCounselmusttakeintoconsiderationthedamagesandcostswhicharelikelytoberecoveredbytheplaintiff,thelikelydefencecostsandyourprospectsofsuccessfullydefendingtheclaim.

53.2 AppointmentofSeniorCounsel

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

53.3 CostsofSeniorCounsel’sOpinion

ThecostofSeniorCounsel’sopinionisincludedinthedefencecosts.

53.4 Meaningof‘SeniorCounsel’

Forpurposesofthisclause,‘SeniorCounsel’meansapractisingbarristerwhoisentitledtopracticeasaQueensCounselorSeniorCounselinAustraliaorNewZealand.

54. ElectiontoContest

Ifwerecommendsettlementofanyclaimandyoudonotagreetosuchsettlement,youmayelecttocontesttheclaim.However,ourliabilityinconnectionwiththeclaimisthenlimitedtotheamountwerecommendinsettlementplusdefencecostsincurredwithourconsentuptothedatewerecommendsettlementtoyou.

Part6–OtherConditions56. Assignment

Thispolicyandanyrightsunderorinrespectofitcannotbeassignedbyyouwithoutourpriorwrittenconsent.

57. ChangeofControl

Weshallnotbeliabletomakeanypaymentortoprovideanyservicesinconnectionwithanyclaimorinquiryarisingoutof,baseduponorattributabletoanycivilliability,act,errororomissionorotherconductcommittedaftertheoccurrenceofamerger,takeover,saleorwindingup.

58. Currency

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

59. GST

IfyouareregisteredforGSTyouarerequiredtotellusofanyentitlementtoaninputtaxcreditforthispolicy.Ifyoufailtodiscloseorunderstatesuchentitlement,youmaybeliableforGSTonanyamountwemaypay.ThispolicydoesnotcoveryouforthisGSTliabilityorforanyfine,penaltyorchargethatyoumaybeliableforduetoafailuretodiscloseamisstatementmadeinrelationtoanyentitlementtoaninputtaxcreditforthepremium.

60. Plurals,HeadingsandTitles,Interpretation

Wordsandexpressionsinthesingularshallincludetheplural,andviceversa.Also,whereatermofthispolicyisnotspecificallydefined,itisagreedthatthedefinitionnormallyattributedtoitbyanyapplicablelaworbusinesspracticeshallapply.

Thispolicy,itsscheduleandanyendorsementsareonecontractinwhich,unlessthecontextotherwiserequires:

(i) headingsaredescriptiveonly,notanaidtoconstruction;

(ii) singularincludestheplural,andviceversa;

(iii) themaleincludesthefemaleandneuter;

(iv) allreferencestospecificlegislationincludeamendmentstoandre-enactmentsofsuchlegislation;and

55. Allocation

(i) General

Intheeventthereareanumberofcauseswhichcontributetoaclaimmadeagainstyou,weagreetoindemnifyyouinrespectofyourliabilityforthatpartoftheclaim,includingdefencecosts,whichiscoveredunderthepolicyirrespectiveofwhetheroneormoreoftheothercausesisexcludedunderthepolicy.

(ii) BestEfforts

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

(iii) Meaningof‘Expert’

‘Expert’shallmeananappropriatelyqualifiedindustryexpertnominatedbyus.

(v) referencestopositions,officesortitlesshallincludetheirequivalentsinanyjurisdictioninwhichacoveredclaimismadeorcoveredinquiryconducted.

61. ScopeandGoverningLaw

Anyissuerelatingtotheconstruction,validityoroperationofthispolicyshallbedeterminedinaccordancewiththelawsoftheCommonwealthofAustraliaandtheAustralianStateorTerritoryinwhichthepolicyisissued.Exceptasotherwiseprovidedherein,thepartiessubmittotheexclusivejurisdictionoftheAustraliancourts.

62. Subrogation

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

YoushallnotdoanythingwhichshallprejudiceourrightsunderthisCondition.

WeagreenottoexerciseanysuchrightsofrecoveryagainstanyofficeroremployeeunlessitisestablishedthatExclusion34‘FraudandDishonesty’appliestotheclaimandtheofficeroremployee.

Inoursolediscretion,wemay,inwriting,waiveanyofitsrightssetforthinthisCondition.

63. AlterationtoRisk

(i) Youmustnotifyusassoonaspracticableofanymaterialalterationtoriskduringtheperiodofcoverincluding:

(a) ifyousubmittovoluntarybankruptcy,receivershiporliquidation;or

(b) ifyoufailtopaydebts;or

(c) ifyoubreachanyotherobligationgivingrisetotheappointmentofareceiver,bankruptcy,orwindingupproceedings;or

(d) anymaterialchangeinthenatureoftheprofessionalservices.

(ii) Wheresuchnoticeisgivenand/orwherethereisanymaterialalterationtotherisk,wereservetherighttocancelthispolicyinaccordancewiththeInsuranceContractsAct1984(Cth).

(iii) Notwithstanding64(ii),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;

(vi) anyfinanciallosssustained,whilstinthecare,custodycontrolofanyfinancialinstitutionorarmouredsecuritycompany;

(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

(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.

However,inquirydoesnotinclude:

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

(v) routineregulatorysupervision,inspectionorcompliancereviews;

(q) projectmeans

theproject/contractundertakenbytheinsured,specifiedastheProjectintheschedule.

(r) publicrelationsexpensesmeans

allreasonablepaymentsincurredbyyouwithourpriorwrittenconsent(suchconsentnottobeunreasonablydelayedorwithheld)forpublicrelations,crisismanagementorlegalservicesreasonablyrequiredtopreventorminimiseadverseornegativepublicityasadirectresultofaclaimorinquirycoveredbythispolicy.

Itdoesnotmeanorinclude:

(i) responsecostsasdefinedunderOptionalExtension22‘BreachofPrivacy:ResponseCostsandFinesandPenalties’;

(ii) youroverheads,staffremunerationormanagementtime;

(iii) compensationorotherpaymentsmadetocustomers,clientsorpotentialclaimants;

(iv) finesorpenalties;or

(v) thecostsandexpensesofcomplyingwithanyorderfor,grantoforagreementtoprovideinjunctiveorothernon-monetaryrelief.

(s) schedulemeans

theschedulerelatingtoandformingpartofthispolicy,includinganyendorsementsthereto.

(t) submissionmeans

eachandeveryproposalform,thestatements,andrepresentationstherein,itsattachmentsandallothermaterialinformationsubmittedtousinrespectofthispolicy.

(u) subsidiarymeans

anyentityatthecommencementoftheperiodofcoverthattheinsuredeitherdirectlyorindirectly:

(i) controlsthecompositionoftheboardofdirectors;

(ii) controlsmorethanhalfofthevotingpower;or

(iii) holdsmorethanhalfoftheissuedsharecapital.

(v) terrorismmeans

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

(c) inaccordancewithwhoseinstructionsorwishesthedirectorsoftheinsuredorsubsidiaryareaccustomedtoact(excludingadvicegivenbythepersonintheproperperformanceoffunctionsattachingtotheperson’sprofessionalcapacityortheirbusinessrelationshipwiththedirectorsortheinsuredorsubsidiary).

(o) periodofcovermeans

theperiodoftimespecifiedassuchintheschedule.

(p) professionalservicesmeans

professionalworkperformedontheprojectinvolvingoneormoreofthefollowingactivities:

(i) design,includingpre-designandadviceinrelationtodesign;

(ii) drafting,drawingsandtechnicaldocumentation;

(iii) technicaladvice;

(iv) technicalspecification;

(v) technicalinformationcalculation;

(vi) feasibilitystudies;

(vii)surveying;

(viii)provisionofinspectionservices;

(ix) programmingandtimeflowmanagement;

(x) traininginrespectofanyoftheaboveactivities;

(xi) projectmanagement;

(xii)constructionmanagement;

inrespectoftheprofessionalbusinessspecifiedintheschedule,wheresuchprofessionalworkiscarriedoutbyorunderthecontrolofaproperlyqualifiedarchitect,engineer,surveyororappropriateprofessionalperson,whetheryouremployeeorapersonactingunderyourcontrolorundercontractwithyou.

Professionalservicesdonotinclude:

(a) performanceorsupervisionofanyconstruction,assembly,installation,erectionormaintenanceaswouldbeundertakeninacapacitynormallyprovidedbyabuildingorconstructionormaintenancecontractoractinginsuchcapacityalone;

(b)environmentalprotection,workplacehealthandsafetyorindustrialrelationsmatterswhichwouldnormallybeoverseenbyabuildingorconstructionormaintenancecontractor.

(w) we,us,ourmeans

AllianzAustraliaInsuranceLimited,ABN15000122850,AFSLicenceNo.234708.

(x) you,yourmeans

(i) theinsuredandanysubsidiarythereof;and

(ii) anyofficerbutonlywhenactingwithinthescopeoftheirdutiesintheperformanceofprofessionalservices(asdistinguishedfromcarryingoutdutiesasanofficeroftheinsuredinrelationtotheinsured’sownaffairs);or

(iii) anyemployeebutonlywhenactingwithinthescopeoftheirdutiesintheperformanceofprofessionalservices.

Thispagehasbeenleftblankintentionally.

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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