Directors are persons validly appointed to the position of directors of the University, its entities or affiliated bodies.
Officers are any company secretaries and employees concerned in or taking part in the management of the University, its entities or affiliated bodies.
A Claim, which term includes inquiry, may arise in consequence of any
• Written demand for legal relief;
• Civil proceeding;
• Criminal proceeding;
• Regulatory or administrative proceeding, investigation, examination or inquiry
The policy does not cover claims arising out of :
• Bodily injury and property damage
• Intentional acts
• Prior known facts not disclosed to the insurer before the commencement of the policy period
• Professional services
• Responsibilities of persons in connection with any superannuation or employee profit sharing or benefits program.
University staff appointed to outside ‘for profit’ entities at the written request of the University can be protected however this is limited by the extent Directors and Officers are entitled to receive indemnities from the outside entities to which they are appointed.
Every such appointment for which cover is required, must be disclosed to the insurer each year when the protection is renewed.
Staff appointed as directors of outside ‘not for profit’ entities are protected automatically.
This is a “claims made” policy which means the University must notify the insurer during the period of insurance of any claim made against it in that period. This is irrespective of the date on which the event giving rise to the claim originally occurred
Insurers usually allow a retroactive period to provide cover for events not known to the insured when it enters the contract of insurance but which may later emerge as claims.
It is most important to recognise and immediately report to the University’s Insurance Officer, any event or developing set of circumstances that might result in a claim being made at some time in the future.