Crime Insurance/Fidelity Guarantee Insurance
Crime Insurance/Fidelity Guarantee Insurance
Crime Insurance policies are designed to protect the company from financial losses as a result of employee fraud or dishonesty.
A company’s balance sheet is at significant risk to loss as a direct result of criminal activity such as employee dishonesty, forgery, counterfeiting, theft, destruction and disappearance of property, and computer related crime (including external computer hackers). This can be either internal (employee-based) or external (non-employee based). Such perils can have potentially devastating consequences to a company’s bottom line and can even threaten solvency.
Even companies claiming the best internal controls and compliance procedures face a real threat of incurring significant loss. Criminal intent can often outsmart the relevant controls and procedures; many companies have found, to their detriment, that you cannot be sure of the integrity of long-serving or senior employees.
Companies often highlight their highly professional accountants and statutory audit as justification for not purchasing relevant crime coverage. However, whilst auditors may act in a preventative role, their main function is to verify annual accounts. Few losses are discovered by auditors, but rather by chance, and very often several years later, by an inquisitive staff member or following complaints by a client.
Crime Insurance is the only way to ensure your company is adequately protected against these exposures.
Directors' and Officers' (D&O) Liability Insurance
Directors' and Officers' (D&O) Liability Insurance
Directors or officers of a corporation are exposed to personal financial liability in relation to any claim brought against them in their capacity as a director or officer of a corporation. These duties are significant and may arise from statute or common law.
Sources of legal action against directors and officers include:
Regulatory Bodies
Shareholders
Employees
Customers
Suppliers
D&O insurance provides protection to past, present and future directors and officers for claims against them for wrongful acts in their capacity as directors or officers of a corporation.
Often the most significant cost of a D&O claim is the defence costs, however, it also covers damages and third party legal costs.
Employment Practices Liability (EPL)
Employment Practices Liability (EPL)
EPL insurance provides protection to a corporation and its management for claims alleging an employment practices breach.
An employment practices breach includes:
Discrimination
Wrongful Dismissal
Workplace Harassment
Wrongful Demotion/Failure to Promote
Wrongful Refusal to Employ
Misleading Representation or Advertising Relating to Employment
Employment-Related Defamation
EPL insurance provides covers for defence costs, damages and third party legal costs.
Information Technology (IT) Liability Insurance
Information Technology (IT) Liability Insurance
Due to the nature of information technology services there can be some grey area as to whether a claim should fall under a Public & Products Liability
policy, providing coverage for third party claims relating to bodily injury and property damage, or a Professional Indemnity Policy which covers third
party claims for financial loss due to professional negligence.
The IT Liability Insurance product has been developed to address this uncertainty as it provides cover for both civil liability arising from the conduct
of the Insured’s professional business practice, and third party loss caused by bodily injury or Property damage, the IT Liability policy will provide
coverage for damages, third party legal costs & defence costs.
IT Liability Solutions for the ICT Industry
GSA understands your industry and works with you to understand your insurance risks:
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Be part of an organisation that has arranged insurance programs for the specialised ICT industry for many years...You will finally be dealing with
professionals who understand what you do.
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Receive Quarterly Reviews of your insurance program...You will not have to worry about your Broker becoming complacent.
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Access to three risk evaluations each year by a specialist IT lawyer...Your agreements will be reviewed by a lawyer who specialises in what you
do.
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GSA is recognised within the insurance industry for the quality of its underwriting submissions...You will be proposed to the insurance industry
correctly.
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GSA has an enviable reputation for always working in our clients’ interests to deliver surprising and eye-opening insurance options...Your assets
and potential liabilities will be fully protected.
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Receive a tailored “Written Service Commitment Statement” detailing the services we will provide...You will receive value for money and get the
services you need.
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Finally, you will receive a Free Quarterly newsletter... Advice to assist you protect your business at no cost.
To arrange an obligation free quotation, please complete the application form and return to davidf@gsaib.com.au
Click below to download the form.
Investment Managers (IMI) Insurance
Investment Managers (IMI) Insurance
An Investment Managers Insurance policy protects investment fund managers against exposures faced by them relating to the raising of capital from investors. Importantly, an IMI insurance policy complies with the insurance requirements of the Managed Investments Act 1998 (Cth).
IMI policies combine Professional Indemnity insurance, Directors & Officers Liability insurance and Crime Insurance in the one policy for investment fund managers which overcomes arguments over whether the claim arises out of a breach of the fund manager’s professional duty or their duty to exercise due care and diligence in the management of the company.
Life Sciences
Life Sciences
The life sciences industry is fast paced and highly innovative. These companies look for business partners that can keep up, and their insurance provider (Broker and Insurance Company) is no exception. GSA has access to insurers that are the insurer of choice for pharmaceutical organisations, medical device companies, healthcare product service organisations and more.
Life Sciences Industry Solutions
The offering from one of the insurers in this space is an enterprise-wide solution with specialised products for General Liability, Products and Human Clinical Trials Liability and Errors & Omissions. These products are precisely crafted for life sciences companies:
The hybrid General Liability policy offers a dual trigger—an occurrence trigger for Premises/Operations and a claims-made trigger for Products Hazard Liability. Traditional stand-alone policies are also available.
Errors & Omissions insurance helps protect businesses from lawsuits that allege financial losses due to failure of products or services to perform to specifications. It can be customised to respond to losses resulting from the need to stop using a product due to the risk of future bodily injury or property damage.
To arrange an obligation free quotation, please complete the application form and return to davidf@gsaib.com.au
Click below to download the form.
Management Liability Insurance
Management Liability Insurance
The intention of a Management Liability policy is to protect the individuals and the company in relation to the exposures associated with managing a company. The key elements of cover are as follows:
Directors and Officers Liability
Company Reimbursement
Employment Practices Liability
Crime
Statutory Liability
Trustees Liability
Internet Liability
Kidnap, Ransom & Extortion
Medical Malpractice (Med Mal) Insurance
Medical Malpractice (Med Mal) Insurance
Medical malpractice insurance provides cover for claims arising out a breach of professional duty in the conduct of a medical practice/profession.
Medical Malpractice insurance will typically cover damages, third party legal costs and defence costs relating to legal liability for third party bodily injury, death, mental illness or disease caused by a breach of professional duty.
Professional Indemnity (PI) Insurance
Professional Indemnity (PI) Insurance
Individuals who provide professional services have legal obligations to clients and other third parties in conducting their business and may have a personal exposure.
Professional Indemnity (PI) insurance provides cover for claims made against professionals alleging a breach of professional duty.
Policies can cover individuals or a corporation and its directors and employees.
A PI policy typically covers damages, third party legal costs and defence costs.
PI insurance should be considered by any individual who is providing advice and/or services of a skilful nature according to an established discipline.
Prospectus Liability (IPO) Insurance
Prospectus Liability (IPO) Insurance
Prospectus liability insurance is essentially a specific D&O policy which provides protection to the corporation and its directors and officers against exposures relating to the listing of a corporation on a stock exchange.
The process of listing a corporation creates unique exposures to directors and officers. An IPO insurance policy provides protection to cater specifically to those issues.
Policies can be purchased on a multi year basis thereby offering long term protection to the directors and officers.
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