PI cover is provided on a "claims made and notified” basis, i.e. the policy must be in force when the claim is notified, notwithstanding that the events giving rise to the claim may have occurred some time previously.
Notifying a potential claim:
Members should notify a claim as soon as it becomes apparent that an actual or potential claim against them is likely.
Features of the basic PI cover arranged through NZACS:
- available only to members of NZACS
- arranged on a co-operative basis to leverage bulk purchase cost savings
- policy terms are negotiated by and for architects
- claims are processed under the guidance of architects
- automatic reinstatement after a claim in the policy year
- availability of run-off cover following business cessation
- excess and cover levels set by the insured firm
- premiums are set at the time of application for cover
Policy extensions available subject to adjustment in premium:
- runoff cover in the event of cessation of business, death or retirement
- dishonesty of partners or employees
- defamation
- loss of documents (including computer records)
- quasi-judicial representation costs (arbitration, mediation etc.)
- statutory liability (for fines and penalties set by statute)
- employers liability (for employee claims outside ACC legislation)
- employment practices liability (arising out of employment contracts)
- public liability (for property damage or bodily injury to others)