Contractors Insurance

The costs arising out of negligence on someone’s part are covered under a Public Liability policy provided they are incurred with the consent of the insurer who will usually take over conduct of the case. For a claim to be admitted, the injury or damage must occur during the period of insurance, result from an accident and happen in connection with the business of the insured person.

Public liabilities refer to legal obligations that, if neglected, could cause an individual or business to pay monetary damages to another party.

Some of these obligations arise from:

• The ownership and maintenance of premises;

• The conduct of a business or an operation;

• The manufacture, distribution or selling of products;

• Completed operations;

• Work done by independent contractors or sub-contractors;

• Liabilities assumed by contract.

Broadform Liability

Although the liability insurance, which most people carry, will meet the individual policyholder’s needs in a wide variety of circumstances, the amount of money it will pay is limited to the amount stipulated in the policy. Also, there are some situations such as libel and slander, which a standard liability policy does not cover. However, special policies are available for such protection. To enable people to protect themselves against possible catastrophic lawsuits in such situations, a special form of cover known as broadform liability is available.

Broadform liability coverage is in huge demand among individuals who have substantial assets and who, therefore, might be especially vulnerable to lawsuits and costly judgements. There are exclusions under all liability policies. The policy can be extended to cover certain of these extensions. However, this type of insurance is not extended to provide cover in areas where liability is covered by compulsory types of insurance such as Workers’ Compensation and Statutory Motor Vehicle Third Party.

At GNG we will advise you on Public Liability insurance and all other risks. It is our role as an insurance broker to make you aware of the cover and type of policy you require. Should a claim occur we will ensure that no time is lost in carrying out the proper formalities. We act for you, our client, not on behalf of an insurance company. To know more about us, please visit us at www.gng.com.au.