Yes, once the Insurer refers your file to a panel solicitor, they will take full carriage of the matter, including meeting all requirements of the Cost Assessor.

In a claims-made and reported policy, coverage is triggered by the date the Insured first became aware of the possibility of a claim and notified the Insurer of such knowledge. The insurance policy in force on the date the Insured gained such awareness is the one which responds to the claim. This policy form provides coverage only for losses which: (a) occurred after the retroactive date and, (b) were reported during the policy period. 

If the Costs Assessor makes an adverse finding (i.e. reduces your bill), the Insurer will pay 90% of the reduction.

For example. If your bill was $50,000, and the Assessor reduces it to $40,000, there is a $10,000 reduction in the bill. The Insurer will pay $9,000 of this reduction, and the excess will be the remaining $1,000.

If there is no reduction in your bill, there is no excess payable.

No. The Professional Indemnity wording specifically excludes any costs arising from a cost dispute. The two policies will sit side by side, but won’t overlap.

Retro-active cover refers to a past date in which your cover becomes active. You will be covered for any cost assessment arising from works performed following that date, with exception for already known complaints.

As an example, if your purchased a policy on the 31st of March 2017 with a two year retro-active date, you would be covered for all work performed from 31 March 2015 onwards.

You can call GSA Insurance Brokers on (02) 8274 8138.

This number will be answered between 9am and 5pm (AEDT). Alternatively, please leave a message and we will return your call promptly.