Please complete a separate joint venture addendum for each joint venture project

Name of insured entity:

Name of joint venture:

Is the joint venture incorporated? Yes/No If ‘Yes”, provide the Australian Company Number (ACN):

Which entity or entities are named in the professional services agreement with the client?

Description of the project:

Project location: Anticipated duration of the project:

Your role in the project:

Current status of the project:

Estimated projectvalue:

Total joint venture professional fees/income: $Your share of the professional fees/income: $

Please provide the following information regarding your joint venture partners and their current professional indemnity insurance arrangements:

Names of joint venture partners / Role / Insurer / Limit of Indemnity / Policy includes joint venture cover?
Yes/No
Yes/No
Yes/No

Has/will your fee income from involvement in the joint venture been/be declared as part of the gross fee income of your insured practice? Yes/No

Your insurer may consider extending your policy to cover your joint venture partner(s) liability relating to this joint venture.If your Insurer makes this offer, an additional premium will be charged for this extension. Do you require this cover?

Please contact your account manager for further details. Yes/No

Please note:

  • We suggest you forward us a copy of the professional services agreement for us to review.
  • If your joint venture is incorporated we suggest you consider obtaining a separate professional indemnity policy for the incorporated entity.
  • Cover provided to you for any joint venture project is strictly in accordance with the terms and conditions of your current professional indemnity insurance policy.
  • You should check that your joint venture partner(s) continue to maintain appropriate professional indemnity cover for their involvement in the joint venture
  • We refer you to our Risk Rule on Joint Ventures for further information.
  • Please contact us if you have any queries in respect to the coverage provided for joint ventures.

Declaration:

  1. I/we have read ‘Important Notices’ in the professional indemnity insurance proposal form and I/we understand the advice given in relation to the Duty Of Disclosure; and
  2. I/we have diligently made all necessary and detailed enquiries in order to comply with the Duty of Disclosure; and
  3. I/we acknowledge that this joint venture addendum forms part of the professional indemnity insurance proposal form.

Name of Partner(s) or Director(s) Signed: Date: