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- CPA Australia Members Mini Policy
- CPA Australia Members Pro-Bono Policy
- CPA Australia Members Tax Audit
- CPA Australia Members Office Insurance
- CPA Australia Members Cyber Insurance
- CPA Australia Members Corporate Travel
CPA Australia Members Professional Indemnity Insurance
A policy arranged through QBE Insurance (Australia) Limited exclusively for CPA Australia members has been formulated to ensure it meets the standards required by CPA Australia for members in public practice, including the requirements of the Professional Standards Act, Tax Practitioner Board, Insolvency Practitioners, Auditors and the By-Laws of CPA Australia.
Some of the policy features and benefits of the cover are:
Court Attendance Costs:
Reimbursement of up to $500 per day for directors or principals if legally required to attend a civil proceeding as a witness in a claim covered by the policy. Costs of up to $250 per day will be covered for any employee for the same requirement.
Employment Practices Liability:
Indemnity of up to $300,000 in respect of all claims brought by employees for any actual or alleged employment practice wrongful act.
Coverage for loss of money, negotiable instruments, bearer bonds or coupons, stamps belonging to you or for which you are legally liable sustained in consequence of a dishonest or fraudulent act or omission. A limit of $500,000 applies for all losses under this feature.
Fines and Penalties:
Indemnity of up to $1,000,000 for a penalty imposed by a regulatory body arising from a breach of any occupational health and safety or environmental legislation.
Loss of Documents (not involving a third party claim):
Indemnity in respect of loss of any documents (including but not limited to your documents), for which you are legally responsible that have been unintentionally destroyed, damaged or lost in the conduct of your profession.
Newly Created or Acquired Subsidiaries:
Newly created or acquired subsidiaries covered in respect of claims made and arising from acts, errors or omissions occurring after the date of creation or acquisition.
Outgoing Principals and Employees:
Former partners, principals, directors and employees are covered for claims arising from work performed whilst with the Insured.
Run-Off cover is required for any practice that has ceased doing business or closed. Please contact us to ensure ongoing cover is in place.
Public Relations Expenses:
The policy provides an amount of up to $50,000 during the policy period in the event that you retain the services of a public relations firm to protect your reputation as a direct result of a claim under the policy.
Where more than one party is insured, coverage for an innocent party will not be prejudiced due to another party's failure to meet its duty of disclosure under the Insurance Contracts Act or making a misrepresentation to the insurer.
The policy provides an amount of $250,000 during the policy period for costs and expenses associated with an investigation conducted by a regulatory authority (other than a parliament) or disciplinary committee of a professional body.
CPA Australia Members Cyber Insurance – Optional
CPA Australia members are able to extend their Professional Indemnity Insurance to cover claims that may arise from the negligent transmission of a computer virus, repair or replacement of the affected part of a member’s website or computer system, ransom demands and public relations expenses to mitigate damage to reputation. Cover also extends to include Cyber Business Interruption.
CPA Australia Members wanting to avail themselves of this cover will have the option to take it out when obtaining their Professional Indemnity insurance.
For an online quotation, please go to:
If you require any assistance determining the extent of cover provided by an existing policy or you have questions in relation to any other products that may suit your needs, please contact us on 1300 760 123.
For those CPA Australia members who perform private and/or honorary services, Fenton Green & co has arranged a specific Professional Indemnity insurance policy. This Mini Policy is placed with QBE Insurance (Australia) Limited.
The Mini Policy provides limited cover only and is specifically for private/honorary work. CPA Australia members should consider the following aspects of the policy before taking out the cover.
The Mini Policy does not provide cover if you:
The Mini Policy is issued to CPA Australia to cover members who meet the eligibility criteria and who apply for the cover. The policy commences on 31 December every year, runs for a 12 month period and expires on 31 December of the following year. If a member’s Mini Policy application is approved, cover will only commence upon receipt of the premium payment. Members are able to take up cover at any time throughout the policy period, however, their policy will always expire on 31 December of that year. There is no pro-rata premium consideration for members to take up cover within the current policy period.
The Mini Policy will only provide $500,000 cover for any one claim. The policy has an aggregate limit of $20,000,000 for the total of all claims made against all insured members - once that limit is exhausted the Mini Policy will cease to provide any further protection to any member.
Fenton Green & co has arranged a policy for CPA Australia which is designed to cover CPA Australia members for claims that may arise as a result of the provision of pro-bono and/or voluntary accounting work done for community based organisations.
The cover is provided by CPA Australia free of charge to those CPA Australia members who undertake such activities. Members wanting to avail themselves of cover under this policy must 'opt in' from the CPA Australia website to record their inclusion.