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Statutory Liability Insurance

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Statutory liability insurance certificate

A Statutory Liability Insurance Certificate is a legal document that proves the existence of your statutory liability insurance policy. It outlines the extent of your coverage, including what is insured, the amounts of coverage, and the period of insurance.

When Do You Need a Statutory Liability Insurance Certificate?

There are multiple instances when having a statutory liability insurance certificate is necessary.

Undergoing Audits

Audits are regular checks conducted by either internal or external bodies to assess the health and compliance of your business. During an audit, you may need to provide your Statutory Liability Insurance Certificate. This is because auditors will want to see evidence that your business is covered against potential breaches of New Zealand’s statutes and regulations. The certificate acts as a guarantee that your business can meet potential financial obligations arising from such breaches, thus maintaining operational continuity.

Applying for Business Loans

When you apply for a business loan, lenders want to ensure that your business is a safe investment. A Statutory Liability Insurance Certificate is one of the documents they may ask for. The certificate shows the lender that your business is protected against statutory breaches that could cause significant financial loss. It assures them that such risks won’t prevent your business from repaying the loan.

Negotiating Contracts with Clients or Suppliers

Contracts often come with a range of requirements and stipulations. Some clients or suppliers may request proof of statutory liability insurance before entering into a contract with your business. By presenting your Statutory Liability Insurance Certificate, you prove that your business can bear the financial implications of any statutory breaches, thereby fostering trust between you and your prospective partner.

How much does statutory liability insurance cost?

Statutory liability premiums are calculated on several different factors including:

  • Limit of cover
  • Type of industry
  • Location 
  • Turnover 

Statutory insurance in NZ typically costs between $15 to $30 per month. 

What Information Does a Statutory Liability Insurance Certificate Include?

A statutory liability insurance certificate provides vital details about your insurance coverage. 

Policyholder’s Name and Address

This specifies who the policy covers. It could be an individual, a business, or a group. The address provides information about the primary location of the insured entity.

Policy Number

This is a unique number assigned by the insurer to your statutory liability policy. It’s crucial when contacting your insurer for policy-related inquiries or claims.

Period of Insurance

This refers to the duration for which your statutory liability insurance is valid, usually specified with a start and end date. It’s important to ensure that your coverage is always current and renewed before expiration.

Limit of Indemnity

This is the maximum amount that the insurer will pay for a single statutory liability claim or for all claims combined during the policy period. This helps you know the extent of your coverage.

Special Conditions or Exclusions

These are specific circumstances under which the insurer won’t provide coverage. Understanding these can help you know the limitations of your policy and manage your risk accordingly.

How do you get a certificate of statutory liability insurance?

To get a statutory liability certificate of insurance you must have a policy in place. If you don’t have statutory liability cover, you can contact one of our brokers.

Our brokers will typically have quotes to you on the same day. Once you accept a quote for statutory liability insurance a certificate of insurance can be issued immediately. 

If you already have cover in place, contact your broker at Gerrards and they will send you your certificate. 

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