Purpose and Objectives
This policy outlines the extensive insurance coverage which is maintained by our company. All protection is subject to certain terms, exclusions, conditions and limitations.
Policy Scope/Coverage
This policy applies to all staff of our company and approved affiliates.
Policy Statement
Our company manages insurance in accordance with the following:
- Financial and Performance Management Standard 2009 – s. 58 Insurance Contracts
- Motor Accident Insurance Act 1994
- Compensation and rehabilitation Act 2003
- Personal Injuries Proceeding Act 2002
Our company must establish cost effective insurance arrangements with one or more insurance providers to cover our company‘s primary insurance needs, and manage the risk exposure.
Heads of organisational units are responsible for monitoring their risks and the management of all insured assets under their control. All excesses are to be covered by the organisational unit incurring the loss.
Heads of organisational units are responsible for notifying the Insurance Office, of all losses over indemnity and property losses over $500 (including any anticipated legal action involving our company).
The role of the Insurance Office includes:
- Maintaining a register of insurance arrangements including:
- the name of the insurance company;
- a description of the risk insured; and
- the commencement and expiry dates of the policy;
- Ensuring our company and its staff have appropriate levels of insurance coverage for the diverse range of activities undertaken, and arrange additional coverage as required;
- Providing policy interpretation and advice to staff and students (excludes private insurance);
- Claims management;
- Management of the annual renewal of all policies; and
- Working with insurers to conduct risk assessments on higher insurable risk activities of the university.
Apart from workers’ compensation (also known as Work Cover), all insurance coverage for our company is arranged through the Insurance Office. Workers compensation insurance is administered by the Work Injury Management Team in the Occupational Health and Safety Unit.
Insurance Policy Summary
Listed below is a summary of the insurance policies held by our company. Further information on each insurance cover is available from the Insurance Office.
Casual Hirers
Covers hire of our company facilities to third parties.
Clinical Trials
Covers clinical trials that have been approved by the company’s Ethics Committee. Coverage will only apply to the part of the trial conducted within Australia.
Contract Works
Covers contract works that are performed on building or grounds of the various campuses.
Directors and Officers
Covers any loss that Directors or Officers are legally liable to pay, by reason of any claim first made against them (individually or collectively) and arising out of any negligent act, error, or omission in relation to our company‘s professional business.
Expatriate
Covers financial and other losses incurred by expatriates while living and working in a country other than their own. Insurance should be arranged prior to relocating to a new country or destination.
Marine Cargo/Transit
Loss or damage to any goods or equipment, owned by our company, which are being transported overseas. Organisational unit must complete the Overseas Transit Insurance Advice Form and email it to the Insurance Office at least two weeks prior to departure of the property so as to ensure the policy coverage is sufficient to cover the equipment. Our company equipment of a value in excess of the Travel Insurance
Policy benefits is not to be taken as either hand or checked luggage on a carrier. If it is carried in this manner, the organisational unit is responsible for any damage that occurs, and an insurance claim will not be accepted.
Equipment is to be sent overseas via professional/specialised couriers and is to be packed in a manner appropriate to the type of equipment.
Organisational unit need to advise staff that extra time must be allowed for delivery by couriers and except in the most exceptional of circumstances, lack of time will not be accepted as a reason why the equipment was taken as either hand or checked luggage on a carrier.
Provided equipment is despatched correctly, and the Insurance Office is notified as above, the equipment will be covered by this policy.
Marine Hull
Covers the loss or destruction of our company-owned vessels. It does not cover testing or research equipment used on the boat or in or under the water. If a vessel valued at over $50,000 is being purchased, the Insurance Office must be advised of the acquisition at least one week prior to delivery.
Medical Malpractice
Covers legal liability to pay damages as a result of any claim or claims first made against our company for bodily injury (including death) arising from any negligent act, error or omission in relation to the provision of medical and/or veterinary services.
Motor Vehicles
Covers fleet and company-owned vehicles including motor vehicles, scooters, motor cycles, tractors, trailers, mowers and buses.
Professional Liability (also known as Professional Indemnity)
Covers legal liability to pay damages as a result of any claim or claims first made against our company and arising out of any negligent act, error, or omission in relation to our company’s professional business.
Property (ISR)
Covers all risks of physical loss or damage; including buildings, plant, machinery, stock and merchandise, loss of revenue, increased cost of working, loss of rental income and additional expenses resulting from
interruption or interference to the business; and property in the care, custody or control of our company. Property within Australia is covered automatically whilst in transit up to $2,000,000.
Public and Product Liability
Covers our company‘s legal liability to pay compensation in respect of personal injury or property loss caused as a result of our company business including the manufacture and/or sale of goods or products. This policy also covers the legal liability of any person acting on instruction from or on behalf of our company such as staff, students and volunteers.
Staff Personal Accident
Covers current staff members (including volunteers) of our company for accidental bodily injury, whilst on our company business.
Staff Travel Insurance
Covers current company staff on approved overseas or domestic travel. This would normally include:-
- Death and capital benefits
- Overseas medical expenses
- Cancellation of travel benefit
- Personal effects cover
- Other benefits commonly included in travel insurance policies
Workers’ Compensation
Covers injuries received by staff whilst on company business. Managed by the Work Injury Management Team in the Occupational Health and Safety Unit.
Please note that information regarding these policies is for guidance only.
All insurance policies are subject to policy terms, conditions, exclusions and limitations as specified in the policy wordings, and nothing in this policy affects their force.
Contracts and Agreements
The business activities of our company are diverse, and organisational units regularly enter into contracts or agreements with external parties for the delivery of goods or services.
Most contracts/agreements have clauses relating to our company having appropriate insurance cover for the activity to be undertaken, and the provision of indemnity to the third party for any losses or claims that might arise against them as a result of company activity.
It is important that such clauses do not have requirement levels that exceed the coverage has through its insurance policies, otherwise our company is exposed. The risk is that the organisational unit may need to fund any shortfall over the coverage provided should a claim arise.
If a contract/agreement does have clauses that exceed our company’s coverage and the external party will not change them, the organisational unit will be required to do a full risk assessment and gain approval to the proposed exposure.
Hiring of Consultants
Organisational units hire external consultants to undertake many special activities and projects related to our company business. These consultants are not covered by any company insurance policy and it is necessary for them to hold their own policies, in particular Public Liability and Professional Indemnity.
The minimum level of coverage for Public Liability is $10 million, and for Professional Indemnity it is $5 million. For larger projects and contracts the level of coverage should be increased after assessment of the risk to our company should an incident occur as a result of the consultant’s work.
Organisational units are required to obtain, check and file a current copy of the Certificate of Currency for the consultant’s insurance policy.
Risk and Risk Assessments
By definition, insurance is taken out by our company to cover levels of risk that our company has deemed it is unwilling to accept. It is essential that you do not rely on insurance as a substitute for proper risk management.
To determine and quantify the level of acceptable risk on any particular project, the organisational unit will almost certainly be requested to perform a Risk Assessment.