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Gold Complete - Comprehensive Management Liability Insurance

Gold Complete is the broadest and strongest management insurance cover AIG has ever produced, giving businesses access to simplified, flexible coverage that addresses the real concerns and opportunities they face, both today and in the future. Gold Complete now includes a Kidnap and Ransom module and an integrated Costs and Expenses module. AIG has also launched a version of Gold Complete specifically for financial institutions.

Product Highlights

Flexible, modular design

The flexibility to select from 13 modules of cover, providing a tailored solution that addresses all management insurance exposures.

No-gap cover

All modules share common policy language with the same definitions and terms and conditions, ensuring no hidden or unintended gaps in cover.

Evergreen or annually renewable

Available as a traditional ‘annually renewable’ policy or ‘evergreen’, where cover continues year-on-year, eliminating the time-consuming and often complicated annual renewal process.

Confidence in your decision

We offer peace of mind when you change to Gold Complete with Backdated Continuity and a Difference in Conditions extension for the first 12 months of the policy.

International coverage

Overseas markets no longer need to feel foreign. Our worldwide network enables us to create a seamless and flexible solution combining global coverage with the most favourable local terms.

Risk management services

We offer a suite of support services to assist in loss prevention and mitigation, many of which are new to the management insurance market, including board member education and pre-loss consultancy services.

Rapid response

Supports early intervention to mitigate or minimize legislation by meeting costs that arise from the intervention.

Reinstatements

Reinstatements are available for a number of modules so the policy is refreshed and responds with a new, unimpaired limit in the event of a subsequent, unrelated claim.

Product Modules

Our customers now have 13 modules to select from when creating the management liability solution, to best suit their needs.

Broad cover for costs associated with defending all managers and employees against third party claims arising from their actions and decisions.

Key Features

  • Nil retention for commercial institutions - as standard for any loss.
  • Circumstance/claim mitigation – enables proactive steps to be taken to head-off potential claims against managers.
  • Pre-claim inquiry - cover for pre-claim requests for information by regulators as well as cover for internal investigations.
  • PR expenses - regardless of outcome, cover is provided to protect a manager’s reputation against negative PR activity including on social media.
  • Severability of exclusions - individual managers are not prejudiced by the actions of others.
  • Side A match - if Side A Protection is purchased in conjunction with the D&O section, cover is extended to the breadth of cover provided under the Side A Protection section.
  • Reinstatements - extra cover available to respond with a fresh limit should another claim arise.

Cover in the event of a shareholder class action, one of the most costly and time consuming pieces of litigation that a listed organisation can face.

Key Features  

  • Broad cover for any written demand or proceedings seeking compensation for any error or omission by the company regarding any laws or regulating securities.
  • Ring-fenced exposure - option to purchase a separate limit for company securities and for D&O.
  • Derivative demands - covers the company for costs associated with derivative demand hearings and defence costs in seeking the dismissal of any derivatives suit against any manager.
  • Interpretive counsel – defence costs includes cost of New Zealand counsel to interpret and apply advice regarding global securities settlement procedures.
  • Share our experience - option to have AIG present to the insured’s board of directors on AIG’s experiences in handling securities investigations and class action litigation.

Direct coverage for directors and officers for third party claims where the company is unable to provide indemnity, or where traditional insurance programs are unable to respond, or where the limit of an underlying insurance program has been exhausted.

Key Features  

  • Difference in conditions - cover in the event that the loss is excluded under an insurance program, or an underlying insurer refuses or is unable to indemnify.
  • Underlying match assurance - loss is extended to include unindemnified loss provided by the primary policy.
  • Many D&O section coverage highlights also included.

Protection for both individuals and the business against the costs associated with the unintentional breach of an Australasian statute, including defence costs, fines and penalties (where insurable by law).

Key Features  

  • Cost awards – cover for an official body’s legal costs awarded against the court.
  • Broad cover – includes cover for many relevant Australasian statutes, and includes strict liability offences which are excluded under many other policies.

Broad cover with no expiry date for companies and key stakeholders involved in prospectus claims.

Key Features

  • Includes investigations and critical regulatory events, and includes claims arising from the prospectus document and statements made in road shows.
  • Lifetime cover - no expiry date, available for key stakeholders on a ‘Lifetime’ basis
  • Ring-fenced exposure - document-related exposures addressed on a separate standalone policy. We are also able to note multiple documents on the one prospectus policy.
  • Many D&O section coverage highlights also included.

Covers the liabilities of directors of a company that has been through a change in control.

Key Features  

  • Broad cover – management liability and management investigation costs for matters occurring prior to the sale date, irrespective of any other indemnification available to the insured.
  • ‘Lifetime’ cover – no end date in recognition that not all claims can be statute barred.
  • Protection from successor entity claims - cover is also available for claims made against managers by successor entities, and includes claims relating to representations and warranties made by the manager in the document connected with the transaction.
  • Many D&O Section coverage highlights also included.

Cover for costs arising from claims relating to workplace legislation.

Key Features  

  • Broad definition of employment practices liability - cover for the company for any liability with respect to employment or prospective employment.
  • Entity protection against third party liability for commercial institutions - cover for harassment of or discrimination against any third party.
  • Broad cover for employees – from directors through to seasonal or temporary workers, work experience individuals and independent contractors, including volunteers.
  • Workplace assault - covers PR consultant and counselling costs where an employee assaults another employee at the insured’s premises or at an event sponsored by the insured.

Broad cover for the trustees of superannuation plans against third party claims.

Key Features  

  • Broad definition of corporate superannuation trustee liability - entity cover for liability with respect to a superannuation plan.
  • Broad definition of plan - cover extends to merged, transferred or terminated plans prior to or after inception, and plans created or acquired after inception.
  • Exoneration cover - reimbursement is provided to the plan if it is required to indemnify a trustee for a wrongful act pursuant to an exoneration clause in the trust deed.
  • Entity protection against increasing regulatory scrutiny - provides protection for ombudsman and superannuation regulator awards where there is a finding of culpability as determined by an official body against the trustee.
  • Entity protection against loss of documents - cover for costs associated with replacing or restoring documents.

Tailor-made solutions to address the increasing risks of kidnap, ransom, extortion and wrongful detention, including risk prevention, incident response and financial cover.

Key Features

  • Access to NYA International, a leading specialist crisis prevention and response consultancy. NYA provide an immediate response in the event of a crisis and remain engaged until a successful conclusion is reached, informing and advising the client’s team or family throughout the duration of the incident.
  • Global coverage – the Kidnap and Ransom section covers all parts of the world.

Protects the company against financial losses resulting from a wide range of crises, including PR assistance to rebuild brand reputation.

Key Features

  • Social media – includes protection to mitigate damage to company reputation following negative social media commentary on alleged business practices
  • Company protection against investor scepticism - a delisting crisis, an unsolicited takeover bid, or cover for commercial institutions for a share price crisis.

Comprehensive protection against financial losses resulting from criminal activity, plus pre-loss consultancy services to identify and remedy any areas of vulnerability.

Key Features  

  • Protection for goods for which the company is legally liable, including money, negotiable instruments or other property that the company has in its care, custody and control.
  • Broad cover with no improper personal gain trigger.
  • Added protection through a wide range of extensions, including cover for:
    • further losses by using an investigative specialist
    • reconstitution costs
    • legal fees
    • identity fraud
    • interest due or receivable
  • Pre-loss services with Ernst & Young – full review of internal controls to identify areas of weakness, plus recommendations to reduce the potential for fraud.

Provides increased limits of liability over your primary insurance cover, ensuring experience and capability throughout the program.

Key Features

  • Other insurers can adopt our Gold Complete policy wording – providing consistency across the terms and conditions and reducing gaps in cover.
  • Broad cover - the section also specifically notes that the excess policy shall recognise erosion of an insurance program though:
    • payments by any excess insurer; or
    • any excess insurer being found legally liable by any court; or
    • by any other party making payment in lieu of the excess insurer.

Ensures cover for defence costs and other expenses should the policy be subject to a charge on the insurance fund.

Key Features

  • Triggered by any charge that would affect the insurance fund – no need for the charge to be threatened by plaintiff or for a judicial declaration.
  • Sits seamlessly with existing Gold Complete sections, providing defence costs and all expenses including public relations expenses.
  • Single retention - is payable under both this section and the other applicable section(s) for a claim
  • Reimbursements - the Costs and Expenses section is reimbursed if the main sections are not exhausted, allowing this module to be reinstated to deal with any subsequent matter.

Claims Service

Outstanding claims handling

We recognise that the situation from which a claim arises can be extremely stressful and traumatic for the people involved, and every claim is treated with empathy as well as efficiency.

Our expert claims team is committed to delivering prompt, skilful and knowledgeable claims service that meets the unique needs of our clients. Every customer is given individual, dedicated claims service, dealing directly with the decision-maker to find the best solution, regardless of the severity of the claim.

With over 10,000 specialist claims handlers in more than 400 claims offices around the world, we have the local capabilities to deal with all types of claims and the ability to draw on global expertise if required.


Awards

2013 Sue Ronai Memorial Excellence in Claims Service
2013 Australian Business Awards for Service Excellence
2013 Australian Law Awards In-House Insurance Team of the Year
2012 Finalist - NZ Insurance Industry Awards Claims Service Provider of the Year
2012 Sue Ronai Memorial Excellence in Claims Service


Find out more about our claims service or lodge a claim.


Gold Complete Claims Protocol

We know that effective claims support is more than simply writing a cheque, so to help reduce the anxiety experienced when faced with a loss, all Gold Complete modules are covered by a comprehensive ‘claims protocol’ within the policy – a first to the New Zealand management insurance market.

The protocol further supports companies and individuals when faced with a claim by outlining how and when a claims manager will assist the customer, and the procedure for appointing legal and investigative service specialists.

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