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Important update for Management Liability policy holders in VIC

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In late September, the Victorian Government passed legislation that prohibits contracts which insure or indemnify a person against paying fines under workplace safety laws.

Basically, before this new legislation, if you were fined as an employer due to a breach in workplace health & safety laws, your Management Liability insurance policy would have covered you.

But as of 21 September 2021, this is no longer the case. Any insurance arrangement which indemnifies you against liability for penalties imposed under OHS regulation is now void.

And as of 21 September 2022, any policies offered or accepted that include cover for OHS fines will attract penalties of up to $54,522 for individuals and $272,610 for businesses.

The new legislation is not intended to void contract terms that cover legal expenses, including the cost of court proceedings or for the cost of court ordered damages.

Important update for Management Liability policy holders in VIC

Important update for Management Liability policy holders in VIC 

In late September, the Victorian Government passed legislation that prohibits contracts which insure or indemnify a person against paying fines under workplace safety laws.

Basically, before this new legislation, if you were fined as an employer due to a breach in workplace health & safety laws, your Management Liability insurance policy would have covered you.

But as of 21 September 2021, this is no longer the case. Any insurance arrangement which indemnifies you against liability for penalties imposed under OHS regulation is now void.

And as of 21 September 2022, any policies offered or accepted that include cover for OHS fines will attract penalties of up to $54,522 for individuals and $272,610 for businesses.

The new legislation is not intended to void contract terms that cover legal expenses, including the cost of court proceedings or for the cost of court ordered damages.

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