The Statutory Liability policy provides protection to businesses for:
Defence costs associated with alleged breaches of the Building Act, Consumer Guarantees Act, Fair Trading Act, Privacy Act and most other statutes affecting commercial activities. The notable exceptions are police prosecutions and taxation legislation.
The costs of representation at an investigation or inquiry.
Any fine or cash penalty payable by the insured following conviction for an offence under the insured statutes, except under the Health & Safety in Employment Act.
Who is Protected
The policy protects the interests of the:
Company, including any declared subsidiary, for its own liability.
Company, by way of reimbursement to the extent that the company has directly indemnified any officer as it was legally obliged or permitted to do so.
Officers, which includes directors, trustees, managers and employees, in that capacity, to the extent that the company has not directly indemnified them.