Professional Indemnity Insurance is provided to TEU members automatically on payment of TEU subscriptions. The policy protects members wherever they are involved with their professional occupation including whilst on contract, except when acting as an employee of an outside firm. The policy covers consultants, subcontractors, continuous cover, defamation, the Fair Trading Act, loss of documents and previous business. It has an unlimited retroactive date excluding known circumstances. Because the policy has existed for a number of years, and due to the purchasing power TEU has by inclusion of all its members, the premium per capita is extremely low. The cost to insure individually for the protection provided under TEU Professional Indemnity policy, would be considerably more than the cost of a TEU subscription. Members who utilise the policy must pay $1000 for each standard policy excess or $5000 for each claim alleging death or bodily injury. The excess for exemplary damages is $5,000 or the policy excess, whichever is larger. The sum insured is $1,000,000 per claim, not including legal costs, with an overall annual maximum of $10 million. Queries regarding Professional Indemnity Insurance can be forwarded to TEU National Office or to: James Short, Crombie Lockwood, PO Box 496, Wellington Tel 04 381 8192, Fax 04 802 0041 james.short@crombielockwood.co.nz
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