Protections
Unimutual offers the following discretionary protections:
- Property & Business Interruption
- General and Products Liability
- Professional Liability
- Directors and Officers Liability
- Malpractice (medical and veterinary)
- General Clinical Trials (general and specific)
Unimutual is regulated by the Australian Securities and Investments Commission (ASIC) as a financial services provider of miscellaneous mutual risk products and holds an Australian Financial Services Licence. A condition of the licence is that the mutual must have adjusted assets that are greater than adjusted liabilities at all times.
Unimutual is managed by Regis Australia and Partners and is audited by PricewaterhouseCoopers.
Summary of Protections Offered To Members
Unimutual members are able to apply for four core classes of discretionary protection as well as two additional discretionary protections namely malpractice (medical and veterinary) and clinical trials (general and specific). The core classes represent some of the areas of risk where Universities have at various times experienced challenges in obtaining placement in the traditional insurance market.
The classes of core protections are as follows:
1. Property Protection
2. General and Products Liability Protection
3. Professional Liability Protection
4. Directors and Officers Liability Protection
Members should carefully consider the information and in particular the definitions in the relevant data collection forms and in this offer document in relation to the discretionary protections. Members should also check the nominated affiliates for each Protection as it is the member's responsibility to ensure that all relevant parties requiring protection are noted on the Schedule to each Protection.
Property Protection
Property Protection provides members with the right to claim protection on behalf of the member, an affiliate or a protected person for material loss of assets being real property, including buildings, plant, machinery, stock and merchandise and personal property.
Property Protection also extends to claims for protection for loss of revenue, increased cost of working, loss of rental income and additional expense resulting from interruption or interference to the business during the period of protection.
Protection is subject to certain terms, exclusions, conditions and limitations.
General and Products Liability Protection
General and Product Liability Protection provides members with the right to claim protection on behalf of the member, an affiliate or a protected person for liabilities arising from personal injury (including death), other injury and property damage. The protection is within granted limits and in connection with the member's business or from products manufactured, sold or supplied by the member.
Protection is subject to certain terms, exclusions, conditions and limitations.
Professional Liability Protection
Professional Liability Protection provides members with the right to claim protection on behalf of the member, an affiliate or a protected person for their legal liability to pay damages as a result of any claim or claims made against them arising out of any negligent act, error or omission in relation to the member's professional business.
Protection is subject to certain terms, exclusions, conditions and limitations
Directors and Officers Liability Protection
Directors and Officers Liability Protection provides the member with the right to claim protection on behalf of a protected person for any loss which they are legally liable to pay by reason of any claim made against them (individually or collectively) arising out of their conduct as a director or officer .
The protection also extends to payment on behalf of the member or an affiliate for any loss which the protected persons are legally liable to pay by reason of any claim first made against them (individually or collectively) arising out of their conduct as a director or officer.
Protection is subject to certain terms, exclusions, conditions and limitations.
Additional Discretionary Protection
Members may apply for protection for malpractice and/or clinical trials, or arrange malpractice and/or clinical trials protection subject to statutory requirements in force at the relevant time. Members must complete specific data collection forms for each of the non core protections and are advised to consider the information contained in the relevant data collection forms.
Malpractice Protection
Malpractice Protection provides members with the right to claim protection on behalf of the member, an affiliate or a protected person for their legal liability to pay damages as a result of any claim or claims made against them for bodily injury (including death) arising out of any negligent act, error or omission in relation to the provision of medical or veterinary services.
Protection is subject to certain terms, exclusions, conditions and limitations
General Clinical Trials Protection
General Clinical Trials Protection provides members with the right to claim protection on behalf of the member, an affiliate or a protected person for legal liability to pay damages or compensation as a result of any claim or claims made by research subjects for bodily injury caused by any act, error or omission in connection with clinical trials approved by member's Ethics Committee and undertaken by the member within the Commonwealth of Australia subsequent to 21st May 1997.
Protection is subject to certain terms, exclusions, conditions and limitations
Members may apply for CTX/CTN Specific Clinical Trials Protection. A separate Data Collection Form is required for each of these trials.
Unimutual members, view the detailed protection wordings.
