In order for the policy to operate a claim must be made and indemnity confirmed under either a Public, Statutory or Employers Liability policy underwritten by Vero Liability. This is the policy “trigger”.

The proposer is required to identify which of its existing liability policies it requires to operate as a trigger policy.

Basis of Claims Settlement

Coverage is provided for:

• Extra costs incurred in order to minimise turnover reduction in a manner similar to a traditional first party Consequential Loss policy.
  
• The sum equivalent to the loss of the Insured's gross profit and or the increased costs incurred by the business after making all adjustments which in Vero Liability's discretion, fairly reflect any trends, variations or other special circumstances in the business.
  
• The costs of an accountant approved and appointed by Vero Liability reasonably and necessarily incurred in the preparation of a claim.

• The maximum policy limit provided by Vero Liability is $1m any one claim and in all during the period of insurance.
• The indemnity available is limited to 90% of the policy limit with a maximum of 40% payable during any 3 month period.
• The maximum amount of any claim is 90% of the actual loss or 90% of the limit of indemnity which ever is the lesser amount.
• The insured is required to bear the remaining 10% to its own account.

• Proposal
• Policy Wording
• Additional Information
• Frequently Asked Questions
• Claims Examples