ECONOMIC LOSS:
Covers liability to third parties for their purely financial loss NOT arising from injury to their persons or damage to their property. Limited cover can be purchased in various forms including Product Guarantee and Professional Indemnity insurance, but in general cover is difficult to obtain because the exposure is so pervasive.
ELECTRONIC COMPUTER CRIME:
Covers loss sustained by the Insured as the result of fraud perpetrated by anyone other than the Insured’s employees through the Insured’s computer or electronic communications systems.
ELECTRONIC EQUIPMENT / BREAKDOWN / BUSINESS INTERRUPTION:
Covers physical loss or damage, including mechanical or electrical breakdown, to computing equipment and loss due to interruption to the business as a result of loss, destruction or damage by a insured peril.
EMPLOYEE BENEFITS:
Refers to arrangements for Superannuation, group or individual Life Assurance, Disability or Salary Continuance insurance etc.
EMPLOYERS LIABILITY:
A prescribed class of insurance business commonly referred to as Workers’ Compensation insurance.
EMPLOYMENT PRACTICES LIABILITY:
Covers a range of liabilities that can face an employer following wrongful termination, refusal to employ, failure to promote, demotion, disciplinary action, sexual harassment, discrimination or defamation of an employee.
ENDORSEMENT:
A written or printed recording on the Policy or an annexure to the Policy which alters provisions (terms and conditions) of the Contract of Insurance. Documentary evidence of a change to an existing policy, for example, change of address, increase in sum insured etc. An endorsement may result in an additional premium, a return premium or no premium adjustment.
ENVIRONMENTAL IMPAIRMENT LIABILITY:
Covers legal liability for personal injury or property damage caused by unintended gradual or long term pollution. This policy also covers the Insured for legal costs and the costs of removing, rendering harmless or cleaning up any substance which has caused or would cause environmental damage.
EXPORT CREDIT:
Covers losses caused by contract repudiation, export licence cancellation or currency inconvertibility preventing the transfer of payments made under a contract.
EXTENDED WARRANTY:
Policies are available to provide protection for breakdowns and defects that arise after the expiry of a manufacturer’s warranty period.
EXTRA COST OF REINSTATEMENT:
Provides protection for additional costs necessary to comply with government regulations following a loss, eg previous premises may have had a wooden staircase whereas current regulations require concrete, thus the sum insured should allow for reinstatement in concrete.
EXTRA TERRITORIAL WORKERS’ COMPENSATION:
Legal liability to pay compensation (including common law damages) to an employee normally domiciled in Australia who sustains injury, disease or death somewhere outside the Australian State or Territory of domicile in circumstances where the local Workers’ Compensation policy may not adequately respond.