Environmental Planning and Assessment Regulation 2000
Historical version for 15 July 2001 to 13 December 2001 (accessed 8 August 2020 at 23:05) Current version
Part 11 Division 2 Clause 214
214   Limit of indemnity as to compensation
(cf clause 81V of EP&A Regulation 1994)
(1)  An automatic run-off contract may limit the indemnity provided to an insured (being an individual), with respect to all claims made by the insured under the contract in any one year, to an amount of at least $1,000,000.
(2)  For an insured that is a company, an automatic run-off contract must indemnify the company, with respect to all claims made by the company under the contract in any one year, for not less than the amount calculated by multiplying $1,000,000 by:
(a)  the number of accredited certifiers who are directors or employees of the company as at the date on which the contract is issued, or
(b)  if the contract is the fourth or subsequent contract issued to the company, whether by the same or by another insurer, the average number of accredited certifiers who have been directors or employees of the company at any one time during the previous 3 years.
(3)  For an insured that is a partnership, an automatic run-off contract must indemnify the partnership, with respect to all claims made by the partnership in any one year under the contract, for not less than the amount calculated by multiplying $1,000,000 by:
(a)  the number or accredited certifiers who are partners or employees of the partnership as at the date on which the contract is issued, or
(b)  if the contract is the fourth or subsequent contract issued to the partnership, whether by the same or by another insurer, the average number of accredited certifiers who have been partners or employees of the partnership at any one time during the previous 3 years.
(4)  Nothing in subclause (2) or (3) requires the indemnity provided by an automatic run-off contract, with respect to all claims made by a company or partnership in any one year under the contract, to be for an amount greater than $10,000,000.
(5)  An automatic run-off contract must contain at least one automatic reinstatement of the indemnity provided by it.