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Author Topic: How much insurance?  (Read 2401 times)

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Offline ed

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How much insurance?
« on: August 01, 2011, 09:50:36 PM »
If I already carry 2 million  public liability does anyone have any idea how much statutory liability cover I should aim for?bottom line, whats the max $ value that I am I likely to get screwed over for

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Offline ed

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Re: How much insurance?
« Reply #1 on: August 02, 2011, 11:21:33 AM »
Dont worry about it,found the answer myself but it may be of intrest to all. Cover for 1/2 million statutory liability insurance is $120.00 per year,this insurance will cover fines and legal fees imposed from inadvertant breaches of acts or regulations.*note-it is still a bit of a grey area to me at the mo but if an accident occurs (E.H.S  issue)and the labour department is involved you will not be covered for the fine but it will cover legal fees, so ask your insurance broker first.
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Offline Jaxcat

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Re: How much insurance?
« Reply #2 on: August 02, 2011, 01:21:07 PM »
My understanding is there is NO insurer who can cover you for the fine, but all can cover you for the cost of defending the case.  It isn't too expensive to have - but it would be bloody expensive not to have.  Good to go through a broker who can canvas the market for different covers.  Always read the fine print too.  Insurance has increased dramatically this year - at least 10%. 
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Offline Jaxcat

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Re: How much insurance?
« Reply #3 on: April 05, 2012, 09:03:25 PM »
The bigger the jobs the more insurance you need.  For a lot of contracts they are now asking for 20 million public liability.
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