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Frequently Asked Questions

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Partnership Questions
Professional Indemnity
Business Insurance

 

Partnership Questions

 

Why choose one broker?

 

Leverage; if a broker and an Association work together they can create a larger pool of clients, which through scale can drive improvement in cover that can become unique to the Association and drive better prices.


The commercial partnership creates a willingness to share income and as such members benefit from their insurance program also funding their Association's services and benefits.


Why choose Aon?

 

Best balance of price and cover: Aon has delivered the best proposition across a diverse set of insurance policies - be it for members personal travel insurance needs, or the policies they purchase to either provide accounting services, or policies they purchase on behalf of the businesses they work for.


Insights: Being one of the largest global insurance broker and largest in New Zealand, we service the risk and insurance needs of nearly every type and size of business that exists. This provides CAs in Australia and New Zealand access to risk and insurance advice on all sectors they touch as well.


Service the way you want: At Aon we meet your service expectations. If you need to talk to someone, we have over 100 offices in Australia and New Zealand. We deliver a variety of service options from our centralised accountants team to locally based offices for face to face conversations.


Professional Indemnity

 

Premiums, Quotations and Payment Options

 

Can I get a quote over the phone?

 

Aon is able to provide a quotation over the phone based on the provision of the relevant information being available at the time of the call.

 

   •  Annual Revenue
   •  % split for revenue by activity
   •  Confirmation of claims history
   •  No. of staff as follows:
      -  Principles
      -  Qualified accounting staff
      -  Other Technical staff
      -  Non-qualified staff
      -  Admin / Clerical staff

 

Indicative Quotations are only available for businesses with less than $5M revenue.

 

Your quotation for the initial period will be based on the 15 months for 12 months premium offer which is available until 31 March 2016.


What payment methods exist?

 

Client can pay off the invoice by:

 

   •  Credit card (surcharge applies, Visa and Mastercard only)
   •  Post a cheque
   •  Electronic bank transfer
   •  Monthly payment (interest and fee apply)


Policy Highlights and Conditions

 

What cost is associated with Run-Off cover?

 

If you hold a current Aon/CA Professional Indemnity policy when you retire or cease practice you will automatically receive 7 years free run-off cover.

 

There is no refund of the policy premium is applicable when entering into run-off.


Are Defence costs exclusive or inclusive of the limit of indemnity?

 

Defence costs are paid in addition to the Limit of Indemnity (Exclusive).


What provisions does the policy have to reduce the issues of moving from my current insurer to the CA PI insurer?

 

The policy has a Continuity provision meaning that your new insurer will consider claims that should have been reported to your previous insurer during the 12 months policy period prior to incepting the new policy, so long as the reason the claims were not reported were not fraudulent or intentional. We would recommend you read the policy to understand this provision.


All Professional Indemnity policies are written on a Claims Made Basis. What does “Claims Made Basis” mean?

 

Professional liability insurance policies (including D&O, Statutory, Employers and Trustees) are generally provided on a ‘claims made’ basis.

 

This means the policy that applies is the one current when any of the insured (you, or any other parties jointly insured), first become aware of the existence of the claim.

 

Most importantly a claim includes a circumstance with the potential to become a claim. Any such matter must be notified on any of the insured’s first awareness of its existence, and certainly prior to expiry of the policy period.


Documentation

 

Do I have to complete an Aon proposal to obtain a formal quotation or bind cover?

 

We are able to accept any proposal; however it must include the information required for eligibility under the scheme.

 

Should a form submitted be missing information, we will send you a request for this information only.


When will I receive a Certificate of Currency?

 

Following payment of your premium, Aon will email you a Certificate of Currency within 5 working days.

 

Furthermore if at any time during your policy period you require a Certificate of Currency and make contact with our office we will email you the document with 24 hours of your request.


When will I receive my renewal documents? What if I don't receive them?

 

You should receive your renewal documents 4 to 6 weeks prior to your renewal date. If you have not received your renewal documents 2 weeks prior to renewal, please contact Aon to ensure we have your correct address.


General

 

Who is the Insurer that will be underwriting my Professional Indemnity Insurance?

 

Aon has worked closely with Chubb Insurance who understands the accounting profession to develop a fit for purpose insurance product specifically for Chartered Accountant members.

 

Whilst we have a pre-designed product, it is flexible /adaptable to suit clients undertaking a wide variety of activities.


Can I cancel my policy anytime during the policy period?

 

When entering into an insurance contract it is usually for a set period of 12 months.

 

We understand there are circumstances when you need to cancel your policy. Where you have not notified a claim you can cancel your policy anytime during the policy period and receive a refund of unused premium.

 

However, we will not refund the broker fee and admin fee charged. If you pay by premium funding there may be additional considerations.


How should I choose my limit of indemnity?

 

Your choice of limit of indemnity should be considered against your own personal circumstances and the maximum risk you might be exposed to in public practice.

 

If you are unsure, please contact Aon.


What should I do if

   •  I am retiring?
   •  Ceasing to operate as a going concern?
   •  I am going on Maternity Leave?

 

As mentioned above, your Professional Indemnity policy is underwritten on a claims made basis.

 

To ensure you are protected for any claims made beyond the time you have ceased to operate you should convert your policy into Run-Off by advising us.  Your Aon /CA PI policy has a 7 year Run-Off provision at no cost.

 

Run-Off cover can be extended beyond the provided 7 year period upon request. An additional premium will be charged.


Business Insurance

 

Premiums, Quotations and Payment Options

 

Can I get a quote over the phone?

 

Aon is able to provide a quotation over the phone based on the provision of the relevant information being available at the time of the call.


What payment methods exist?

 

Payment can be made by:

   •  Credit card (transaction fee applies)
   •  Electronic Funds Transfer
   •  Cheque
   •  Monthly payment (Interest and Fee apply)


Policy Highlights

 

 

What insurance am I able to purchase under the Business insurance Policy?

 

The Business Insurance policy provides the opportunity to insure the following risks, up to your nominated sum insured.  Highlights include:

Material Damage/Business Assets
Covering accidental physical loss of or damage to Property and Expenses including but not limited to Buildings and Contents.

   •  Burglary and Theft
   •   Money (limitations apply)
   •   Portable Electronic Equipment – replacement value for items up to three years old
   •   Fusion to electric motors in which the motors do not exceed exceed 10.0 kw (13.6hp).
   •   Hidden Gradual Damage up to $5,000 any one claim, $10,000 any one period of insurance
   •   Directors and employees personal effects automatically included
   •   Stolen Keys and access cards – up to $20,000
   •   Destruction and removal of debris

Business Interruption
Covering loss of gross profit as a result of insured peril under the Material Damage/Business Interruption cover.

   •  Additional Costs of Working
   •   Claims Preparation Costs
   •   Dependency on suppliers and customers – limit 10% of total business interruption sum insured

 
Commercial Motor Vehicles
Covering loss or damage to your commercial use vehicle

   •  Third Party liability $10,000,000
   •   Loss of use (hire vehicle) cover optional
   •   Rental vehicles, employees vehicles included automatically up to $50,000

General Property
Insuring against accidental damage or loss of insured, specified items

Important Note:

The above is a summary of the specific aspects of the cover available.  Please read the policy wording to ensure you are fully informed as to the cover provided, exclusions and conditions applicable.


Does this Business Insurance cover natural disaster (i.e. earthquake, tsunami, volcanic eruption)?

 

Natural Disaster cover is automatically included under the policy offered by Aon CPF.  You can elect to remove this cover, and a discounted premium will apply.

Natural Disaster cover may be limited, should your business operate from a Pre-1935 or Earthquake Prone Building.


What is my excess?

 

Your excess may vary depending on the type of loss. Please refer to your policy schedule or contact us on 0800 853 7700 for more information.


Documentation

 

Do I have to complete an Aon proposal to obtain a formal quotation or bind cover?

 

We are able to accept any proposal, however it must include the information required for the Insurer to make an informed decision as to acceptability of the risk.

Should a form submitted be missing information, we will send you a request for this information only.


When will I receive my renewal documents? What if I don’t receive them?

 

You should receive your renewal documents 4 to 6 weeks prior to your renewal date. If you haven’t received them within this timeframe then please contact us on 0800 853 7700.

Within this period we will make contact with you to discuss your current policy and determine the requirements for the coming 12 months.


General

 

Which Insurer will you be using to underwrite my Business Insurance?

 

Aon has utilised it’s Client Placement Facility (CPF) underwritten by NZI, Vero and Allianz to  provide a market competitive product.


Can I cancel my policy anytime during the insurance?

 

You can cancel your policy at any time during the insurance period and we will refund any unused premium.

However, we will not refund any broker or administration fee that may have been charged.


  

 

Call us on

0800 853 770

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