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Q: Does the policy cover the preparation of a bill in assessable form?
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
Q: What is claims made and notified basis?
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.
Q: How does the excess work?
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.
Q: Who is underwriting the Costs Cover product?
Costs Cover is underwritten by XL/Catlin, one of the largest global insurers in the world. To read more about Xl/Catlin, visit xlcatlin.com
Q: Isn’t cover for Costs Assessments included in my Professional Indemnity Insurance cover?
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.
Q: Who will I be referred to for the defence of the Costs Assessment?
XL/Catlin has arranged a panel of expert lawyers who will be utilised to handle the Costs Assessment process. Following you notifying your claim, you will be contacted by your XL/Catlin Claims Manager to confirm your legal representation.
Q: What happens if I don’t have a signed Costs Agreement?
Cover will not be triggered in the event where there is no Costs Agreement made with the client.
Q: Does Costscover provide cover for non-payment of invoices by my client?
No, however if during the debt recovery process your client challenges your costs, your policy will then respond.
Q: What is “retro-active cover”?
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.