Why the need for members own Indemnity Insurance?
Members can be sued as individuals. Employers can seek to recover financial losses when members are deemed to have acted outside the scope of their normal duties or authorities. Members can be sued individually for Good Samaritan acts. Vero Insurance Ltd. will indemnify individual HSU financial members against liability at law for compensation, claimant costs and expenses arising from any claim during the policy period resulting from a breach of duty in connection with their business or practice of employment. All cover provided is subject to the Insurers policy wording (conditions, exclusions apply). The Sums Insured are: The limit of Indemnity or maximum sum insured on any one claim is $5,000,000 per member. The overall maximum aggregate limit of all claims for any one period of insurance is $20,000,000. The policy excess is $1, 000 per claim exclusive of costs and expenses. When is Cover not provided? The policy will not cover: Dishonest criminal acts. Fines or penalties imposed. Kn
