Statutory Liability
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Statutory Liability insurance responds to unexpected and unintentional breaches of statute, which may result in prosecution.
aibGROUP recommends this policy is included in all liability policy packages.
Included:
- Defence costs associated with alleged breaches of the Building Act, Consumer Guarantees Act, Fair Trading Act, Privacy Act and most other statutes affecting commercial activities. Notable exceptions are police prosecutions and taxation legislation
- The costs of representation at an investigation or inquiry
- Any fine or cash penalty payable by the insured following conviction for an offence under the insured statutes.
- Health & Safety at Work Act - fines are not covered (they are uninsurable, according to the legislation). Reparation orders remain insurable.
Statutory Liability
Statutory Liability insurance responds to unexpected and unintentional breaches of statute, which may result in prosecution.
aibGROUP recommends this policy is included in all liability policy packages.
Included:
- Defence costs associated with alleged breaches of the Building Act, Consumer Guarantees Act, Fair Trading Act, Privacy Act and most other statutes affecting commercial activities. Notable exceptions are police prosecutions and taxation legislation
- The costs of representation at an investigation or inquiry
- Any fine or cash penalty payable by the insured following conviction for an offence under the insured statutes.
- Health & Safety at Work Act - fines are not covered (they are uninsurable, according to the legislation). Reparation orders remain insurable.