My Partnership Protection Cover

Protecting Your Partnerships

HOW IT WORKS

Imalia's My Partnership Protection Cover provides protection for partnership firms (which are often not incorporated within the meaning of the Corporations Law) that have adopted a “corporation style” management structure.

Adopting such a management structure may expose your partnership, individual partners (and any other “non-partner” individuals charged with the responsibility of running the firm) to claims arising from the management of the firm.

This exposure is in distinct contrast to claims arising from a breach of professional duty whilst providing professional services to your partnership's clients.

Employment disputes such as unfair and wrongful dismissal, sexual harassment, workplace harassment and discrimination are becoming more common. Partners may be personally exposed to liability arising from employment disputes along with the firm.

Imalia's My Partnership Protection Cover protects you against the weaknesses in generally available insurance:

  • Directors and Officers Liability Insurance can be purchased only for incorporated service and administration companies.
  • An indemnity provided by the firm to any partnership board member is not insured.
  • EPL Insurance does not generally extend to provide cover to partners.

Imalia's My Partnership Protection Cover Features

Aggregate policy limit of liability of up to AUD $20,000,000 available.

Aggregate sub-limit of liability of up to AUD $5,000,000 available for Entity / EPL cover for the firm.

Aggregate sub-limit of liability of up to AUD $5,000,000 available for Fines & Penalties.

Aggregate sub-limit of liability of up to AUD $1,000,000 available for Statutory Liability.

 Aggregate sub-limit of liability of up to AUD $500,000 available for Pollution Defence Costs. 

 Aggregate limit of liability of up to AUD $200,000 available for Public Relations Costs (payable in addition to the aggregate policy limit). 

The definition of the firm includes any service or administration company or trust related to the firm.

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  • The information on this website does not take into account your personal financial situation, needs or objectives. Therefore, before you decide to buy a product arranged by Imalia or keep a similar product you already hold, it is important that you consider the relevant Product Disclosure Statement to make sure that the product is appropriate for you.