Statutory Liability

Statutory Liability

Regulatory activity in Australia is increasing due to higher levels of public scrutiny, greater  accountability for corporate wrongdoing and such activity is now accompanied by tougher regulatory enforcement powers to investigate and enforce the law. Proceedings can be costly and high profile, particularly when details of alleged wrongdoing are made public, and may lead to heavy fines, enforceable undertakings or reputational harm.

Liberty’s “Business Practices Policy” (BPP) covers the Insured’s legal liability arising from the receipt of a written or verbal notice from a regulatory authority which alleges a wrongful breach of legislation, and imposes a penalty that the Insured is liable to pay.  Subject to the terms and conditions, BPP pays on behalf of the Insured its costs arising from a written legal obligation to attend an Inquiry in connection with the business.

Liberty’s BPP policy is unique in being a claims-led product, so it has the ability to showcase Liberty’s Claims Value Proposition to clients at a time when they need it the most. 

At a glance:

  • Limits of Liability up to AU$10m.
  • No maximum revenue banding.
  • Any industry sector can be considered.
  • Additional Insurance Condition provides greater coverage certainty in the event of coverage overlaps with another valid and collectable insurance policy.
  • New Zealand subsidiary operations extension.
  • Cover is determined transparently and in a timely fashion, supporting the Insured through the life of the matter.
  • Liberty provides an efficient turnaround for straightforward matters, which can provide valuable peace of mind for clients during a period of reputational harm and limits the need for public relations costs to be incurred.
  • Liberty never tells the client what to do – the Insured has the duty to defend. Liberty associates with the Insured to come up with a defence strategy, provide advice and act as a business partner to the Insured.

In addition, Liberty’s “Claims+” service can provide:

  • Pre-loss scenario workshops that can educate clients before an incident occurs.
  • Access to specialist legal advisers who are experienced in dealing with regulators.
  • Post-loss incident response service via a panel of consultants available to Liberty – this allows for early engagement from the outset of a notifiable incident and when the regulator gets involved.

Our Approach

Find an Underwriter
Kevin Nhan - Underwriter, Professional & Financial Risks

Kevin Nhan

Underwriter, Professional & Financial Risks
T: +61 3 9619 9826

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Louise Austin - Underwriter, Professional & Financial Risks

Louise Austin

Underwriter, Professional & Financial Risks
T: +61 2 8047 3382

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Meredith Lieu - Assistant Vice President, Australian D&O Commercial Portfolio Manager, Professional & Financial Risks

Meredith Lieu

Assistant Vice President, Australian D&O Commercial Portfolio Manager, Professional & Financial Risks
T: +61 3 9619 9813

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Namik Turabi - Senior Underwriter, Professional & Financial Risks

Namik Turabi

Senior Underwriter, Professional & Financial Risks
T: +61 7 3235 8824

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Narjiss Oussalah - Underwriter, Professional & Financial Risks

Narjiss Oussalah

Underwriter, Professional & Financial Risks
T: +61 2 8047 3355

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Todd Sessions - Senior Underwriter, Professional & Financial Risks

Todd Sessions

Senior Underwriter, Professional & Financial Risks
T: +61 8 6188 9521

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Find a specialist

Find a Claims specialist
Angela Messih - Senior Claims Specialist & Tech Lead, Professional & Financial Risks

Angela Messih

Senior Claims Specialist & Tech Lead, Professional & Financial Risks
T: +61 2 8047 3325

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Maria Rasul - Claims Specialist, Professional & Financial Risks

Maria Rasul

Claims Specialist, Professional & Financial Risks
T: +61 2 8047 3397

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