Port Authorities are potentially exposed to a wide variety of legal liabilities.  These include liability for damage to ships, cargoes or property belonging to third parties, as well as liability for death or bodily injury to third parties.

Typically insurance cover is available for legal liability to pay for:

• damage to ships or other property belonging to a customer
• damage to cargo, including mis-direction, wrongful delivery or delay
• third party property damage
• death or bodily injury to third parties
• removal of wreck where such liability occurs in the course of or arises from the insured’s operations as a port authority.

Platinum Commercial and General Insurance is able to arrange, place and manage all your Port Authorities Insurance. 

Free Call now 1300 880 409 or email enquiry@platinumib.com.au for a quote.

Trade Credit

Protection against bad debt.

If a business sells goods and services on credit terms, a substantial percentage of their working capital is probably tied up as money owed from their customers.  Trade Credit Isurance protects against these assets becoming bad debts.

Platinum Commercial and General Insurance is able to arrange, place and manage all your Trade Credit Insurance. 

Free Call now 1300 880 409 or email enquiry@platinumib.com.au for a quote.

Commercial Hull Insurance

Insurance for hull risk and associated liabilities of all types of working vessels, from oyster punts to ocean liners, and including harbour craft, cargo, passenger carrying vessels, barges and work boats.

Platinum Commercial and General Insurance is able to arrange, place and manage all your Commercial Hull Insurance world-wide. 

Free Call now 1300 880 409 or email enquiry@platinumib.com.au for a quote.

Goods in Transit Insurance

Annual insurance of all transit of goods or livestock which commence during the policy period. Premium by deposit, adjustable on declared value of annual sendings. Two cover options, and a very wide transit clause, plus valuable free cover benefits.

Platinum Commercial and General Insurance is able to arrange, place and manage all your Goods in Transit Insurance Australia wide. 

Free Call now 1300 880 409 or email enquiry@platinumib.com.au for a quote.

Inland Transit Insurance

Single Transit Insurance

Insurance for a single sending of goods (other than home removals), or livestock, with a choice of five standard insurance cover options. Individual terms and conditions may be arranged for sendings not catered for by standards insurance covers.

Inland Transit Open Cover

Automatic insurance of goods, with monthly declarations of sendings and no deposit premium required.

Platinum Commercial and General Insurance is able to arrange, place and manage all your Inland Transit Insurance Australia wide. 

Free Call now 1300 880 409 or email enquiry@platinumib.com.au for a quote.

Convenient insurance of all import and export shipments where the risk attaches during the policy period. Premium is by deposit, adjustable on actual declared value of annual shipments. Best suited to insurance of imports but can apply to exports.

Platinum Commercial and General Insurance is able to arrange, place and manage all your Annual Marine Cargo Insurance requirements worldwide. 

Free Call now 1300 880 409 or email enquiry@platinumib.com.au for a quote.

Platinum Commercial and General Insurance is able to arrange, place and manage all your Biotechnology Insurance requirements. 

With access to specialist underwriters able to offer Public & Product Liability, Professional Indemnity, Clinical and Medical Malpractice insurances (on a limited basis) specifically tailored for Biotechnology enterprises.

We can also arrange and place Directors and Officers Liability and operational insurances including Advanced Business Interruption to local and overseas markets.

Platinum Commercial and General Insurance is able to arrange, place and manage all your private equity and venture capital asset insurance requirements.

Underwriters can offer a combined insurance product offering management liability, management indemnification, outside directorship and professional services liability insurance in one insurance policy.

Insurance cover specifically tailored for private equity and venture capital managers can typically provide cover for some of the following insurance exposures that private equity and venture capital firms face as investors in both early stage and Expansion/Later Stage company investments:

· Positions on Portfolio Company

· Indemnification for outside Directors

· Down Round Financing

· Conflicts of Interest

· “Wash-outs”

· In-kind Distributions

· Insolvency & Bankruptcy

· Confidential information

· Employment Practices

· Intellectual Property

· Initial Public Offering

A Venture Capital Insurance policy is highly effective at addressing the needs of many types of private investment firms including:

· Venture Capital Funds

· Private Equity Funds

· Australian Fund of Funds

· Corporate-Sponsored Funds

· Innovation Investment Funds

· Pooled Development Funds

The following insurance coverages are automatically included with a Venture Capital Insurance policy:

· Management Liability

· Management Indemnification

· Professional Services Liability

· Outside Directorship Liability

· Unit Trust Indemnification

What is protected?

A Venture Capital Insurance policy is specifically designed to address those organisational structures used by the VC industry:

· Venture Capital Limited Liability Partnerships

· Venture Capital Management Partnerships

· Unit Trusts

· Trustee or Management Companies

· Limited Liability Companies

Who is Protected?

A Venture Capital Insurance policy typically offers automatic protection for the firm’s critical contributors, including past, present and future:

· Managing Members

· Directors & Officers

· Employees

· Members of Advisory Committees

· Trustees

A Venture Capital Insurance Policy Features

Broad professional services liability including:

· The formation, capitalisation, operation and management of a private investment fund

· ‘Lenders’ liability’ for those situations when permanent or temporary credit vehicles are more appropriate investments for a portfolio company

· Customary financial and strategic advice given to developing portfolio companies

Broad outside directorship liability cover:

· Insurance for outside directorship positions on not-for-profit and private portfolio companies

· 30 days insurance for outside directorships on private portfolio companies that list during the policy period

· Run-off coverage, until the end of the policy, for insured persons who resign from an outside board position

Broad definition of Claim.
Worldwide cover.
Cover for newly created funds.
Advisory committee members covered.
Insureds have the right to choose their own legal counsel subject to Insurer’s approval. Defence costs provided in advance of the final disposition of a claim.
Severability of all exclusions for insured individuals.
No exclusions for suits brought by portfolio companies against the VC firm, its employees or management.
No exclusions for tortious interference, intellectual property or anti-trust or anti-competitive conduct.
Extended Reporting period is available.

Platinum Commercial and General Insurance is able to arrange, place and manage insurance for pharmaceutical organisations ranging from start-up pharmaceutical enterprises through to late stage pharmaceutical manufacturing/distribution companies.

Insurance coverage is available for manufacturers of prescription and over the counter drugs and dietary supplements. Insurers will also consider providing cover for manufacturers of veterinary products, although to be considered the veterinary products must be manufactured for the purpose of treating a disease

Insurers typically offer pharmaceutical companies a range of innovative insurance products, including dual-trigger General Liability, Products and Human Clinical Trials Liability and Errors & Omissions.  Pharmaceutical companies face new exposures to loss every day.

Insurers can typically expand your domestic liability insurance worldwide with a global extension. Differences in conditions or limits that may exist between the domestic program and the local (admitted) insurance contracts are insured, subject to the terms and conditions of the policy.

General Liability
General liability has tailored definitions of your product and of the products liability hazard. Further, lessors of leased equipment and lessors of leased premises are automatically included as insureds.

A hybrid general liability contract offers a dual trigger — an occurrence trigger for Premises/Operations and a claims-made trigger for Products Hazard Liability. This single form offers convenience and reduces potential for conflicts in the claims process.

Product withdrawal & crisis management expense protection up to $25,000 for Class 1 recall is offered to companies with a formal product recall program.

Insured  status  is  granted  for  typical  contractor  relationships  based  on  activities  performed,  as  contractually required.

Customised human clinical trial reporting conditions offer greater efficiency by recognising the various roles and responsibilities associated with these activities.

Blanket protection applies to human clinical trials initiated after the policy inception within the same drug or medical device family. Certain exceptions may require advanced underwriting approval.
Employees who voluntarily participate in a human clinical trial are not excluded, as their participation is not deemed to be within the scope of their employment.

Errors & Omissions
For  pharmaceutical  companies  that  perform  services  for  others,  Errors  &  Omissions  insurance  is  affordable protection against a significant threat to your company’s financial well being. Errors & Omissions insurance helps protect your company from lawsuits claiming a financial loss resulting from a failure of your service to perform to specifications. General Liability insurance does not protect you from these emerging vulnerabilities.

Errors & Omissions protection can provide financial injury compensation to a third party resulting from the need to stop using your product due to the risk of future bodily injury or property damage.

Oral & written contractual liability insurance is provided for insured contracts and includes the obligation to defend an indemnitee where provided by such contracts.

Notice of circumstances provision provides the opportunity to preserve insurance for known circumstances that may result in a claim.

Customised human clinical trial reporting conditions offer greater efficiency by recognising the various roles and responsibilities associated with these activities