Real Estate Agents - Pen Underwr Real Estate Agents Professional Indemnity Insurance Policy v12.15 Page

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  • Real Estate Agents

    Professional Indemnity Insurance Policy

    v12.15

  • Pen Underwriting Pty Ltd

    ABN 89 113 929 516 AFSL 290518 Our name comes from the expression ‘to pass the pen’. It reflects what we do and what we bring to the insurance industry – specialist expertise and quality underwriting. We strive to exceed the expectations of brokers by providing professional and flexible solutions for their clients’ risks across a wide range of major and boutique general insurance products.

    Contact Details:

    Current as at December 2015

    Level 9, 60 Edward St Brisbane Qld 4000

    GPO Box 541 Brisbane Qld 4001

    BRISBANE

    P: +61 7 3056 1400 F: +61 7 3056 1477

    Level 3, 333 Collins St Melbourne Vic 3000

    PO Box 230 Collins St West Vic 8007

    MELBOURNE

    P: +61 3 9810 0600 F: +61 3 9810 0650

    Level 19, 347 Kent St Sydney NSW 2000

    GPO Box 4431 Sydney NSW 2001

    SYDNEY

    P: +61 2 9323 5000 F: +61 2 9323 5077

    E: info.au@penunderwriting.com

    W: www.penunderwriting.com.au

    Contents

    Important Information 1

    1. Insuring Clauses 2

    2. Automatic Extensions 2

    3. Optional Extensions 4

    4. Exclusions 4 5. Claims Conditions 6 6. General Conditions 7 7. Definitions 9

  • Real Estate Agents Professional Indemnity Insurance Policy v12.15 Page | 1

    IMPORTANT INFORMATION

    This Policy

    This Policy is an important document and should be kept in a safe place. Please read it carefully so that you understand the insurance provided. Your Duty of Disclosure

    Before you enter into an insurance contract, you have a duty to tell us anything that you know, or could reasonably be expected to know, may affect our decision to insure you and on what terms.

    You have this duty until we agree to insure you.

    You have the same duty before you renew, extend, vary or reinstate an insurance contract.

    You do not need to tell us anything that:

     reduces the risk we insure you for; or

     is common knowledge; or

     we know or should know as an insurer; or

     we waive your duty to tell us about.

    If you do not tell us something

    If you do not tell us anything you are required to, we may cancel your contract or reduce the amount we will pay you if you make a claim, or both.

    If your failure to tell us is fraudulent, we may refuse to pay a claim and treat the contract as if it never existed.

    Claims Made Policy

    This Policy is issued on a claims made and notified basis. This means that the Policy only covers the Insured for claims first made against the Insured during the Period of Insurance and notified to the insurer during the Period of Insurance.

    Section 40(3) of the Insurance Contracts Act 1984 may

    provide additional rights at law. That section provides that where the insured gave notice in writing to the insurer of facts that might give rise to a claim against the insured as soon as was reasonably practicable after the insured became aware of those facts but during the period of insurance, the insurer is not relieved of liability under the contract in respect of the claim, when made, by reason only that it was made after the expiration of the period of insurance.

    Retroactive Date

    This Policy does not provide cover in relation to the provision of the Professional Services or the conduct of the Professional Business prior to the Retroactive Date. Privacy

    Pen Underwriting handles your personal information with care and in accordance with the Privacy Act 1988 and the Australian Privacy Principles. We collect personal information about you to provide you with insurance and insurance related services. We may disclose your personal information to third parties for the purposes described in our Privacy Policy, including related entities, insurers, reinsurers, agents and service providers, some of whom may be located in the United Kingdom and India. By asking us to provide you with insurance and insurance related services, you consent to the collection, use and disclosure (including overseas disclosure) of your personal information for the purposes described in our Privacy Policy. Where you

    provide personal information about others, you represent to us that you have made them aware of that disclosure and of our Privacy Policy and that you have obtained their consent. If you do not consent to provide us with the personal information that we request, or withdraw your consent to the use and disclosure of your personal information at any stage, we may not be able to offer you the products or provide the services that you seek. For information about how to access and or correct the personal information we hold about you or if you have any concerns or complaints, ask us for a copy of our Privacy Policy or visit www.penunderwriting.com.au. Complaints Handling

    If you are dissatisfied with a decision Pen Underwriting makes, our service, the service of others we appoint to discuss insurance matters with you, or a claim settlement, we have an internal dispute resolution process to assist you. For further information, ask for a copy of our Complaints and Disputes Resolution Policy or visit www.penunderwriting.com.au. Further Information

    Your insurance broker has arranged this insurance on your behalf. If you have any questions or need further information concerning your insurance, you should contact your insurance broker to assist you with your enquiry. You should direct all of your correspondence to us through your insurance broker as he is your agent for this insurance.

  • Real Estate Agents Professional Indemnity Insurance Policy v12.15 Page | 2

    In consideration of the payment of the Premium and in reliance on the contents of the Proposal, Underwriters will indemnify the Insured in accordance with the terms of this Policy.

    1. INSURING CLAUSES

    Civil Liability Insuring Clause

    1.1. Underwriters agree to indemnify the Insured against civil liability for compensation incurred in the conduct of the Professional Business for any Claim first made against the Insured and notified to Underwriters during the Period of Insurance arising from:

    Breach of Professional Duty

    (a) breach of professional duty, including breach of a duty of confidentiality;

    Contractual Liability

    (b) contractual liability, provided that:

    (i) such liability was assumed by the Insured in the normal course of the Professional Business;

    (i) there is no indemnity for any liability assumed by an Insured by way of contract, warranty, guarantee or indemnity, unless such liability would have attached to the Insured in the absence of the contract, warranty, guarantee or indemnity; and

    (ii) the indemnity available to the Insured will not be reduced by the mere fact that contributory negligence is not available as a defence;

    Defamation

    (c) defamation;

    Intellectual Property Infringement

    (d) unintentional infringement of intellectual property rights;

    The Australian Consumer Law

    (e) unintentional breaches of The Australian Consumer Law, where the Insured’s conduct is or is alleged to be:

    (i) misleading or deceptive, or likely to mislead or deceive;

    (ii) the making of false or misleading representations;

    (iii) unconscionable; or

    (iv) in breach of a warranty implied into a contract for the provision of services;

    Dishonesty

    (f) dishonest, fraudulent, criminal or malicious acts or omissions of any Insured, provided that:

    (i) there is no indemnity for any Claim directly or indirectly based upon, attributable to, or in consequence of loss of money, negotiable instruments, stamps, bearer bonds or coupons, bank or currency notes, electronic funds, or records of electronic funds; and

    (ii) there is no indemnity to any Insured who committed or condoned any such act or omission.

    Costs Insuring Clause

    1.2. Underwriters agree to pay the Costs incurred with the prior written consent of Underwriters in the investigation, defence or settlement of any Claim indemnified under Insuring Clause 1.1.

    2. AUTOMATIC EXTENSIONS

    Underwriters agree to extend indemnity as stated in each of the Automatic Extensions, subject to all the terms of this Policy. The Automatic Extensions do not increase the Limit of Indemnity or the Aggregate Limit.

    Consultants and Agents

    2.1. Underwriters agree to indemnify the Insured under the Insuring Clauses for the acts, errors or omissions of the Named Insured’s consultants and agents in the conduct of the Professional Business.

    Continuous Cover

    2.2. Notwithstanding Exclusion 4.12(d), Underwriters agree to indemnify the Insured under the Insuring Clauses for any Claim first made against the Insured during the Period of Insurance arising from any facts, matters or circumstances of which the Insured was aware prior to the Period of Insurance provided that:

    (a) Underwriters via Pen Underwriting were the Insured’s professional indemnity insurer at the time that the Insured first became aware of such facts, matters or circumstances and Underwriters via Pen Underwriting have contin