Applies to: All wholesale brokers placing business with Pacific Indemnity Underwriting Solutions Pty Ltd (PIUS) where no executed Broker Administration Agreement exists.
1. Definitions
1.1 In these Terms:
1.1.1 Broker means any insurance intermediary placing business with PIUS.
1.1.2 Insurance Business means any quotation, policy, renewal, endorsement or related transaction placed with PIUS.
1.1.3 Insurer means any underwriting entity for whom PIUS acts under a binding authority or agency agreement.
1.1.4 Premium means all amounts payable in respect of an insurance policy including statutory charges and policy fees but excluding any broker service fee.
1.1.5 Commission means remuneration payable to the Broker by PIUS as agreed in writing.
1.1.6 Terms means these Broker Trading Terms.
2. Application of These Terms
2.1 These Terms apply to any Insurance Business where no separately executed Broker Administration Agreement exists.
2.2 If a written Broker Administration Agreement exists between PIUS and the Broker, that agreement prevails to the extent of any inconsistency.
2.3 By instructing PIUS to bind cover, request documentation, or otherwise proceed with placement, the Broker agrees to be bound by these Terms.
3. Relationship and Authority
3.1 The Broker acts solely as agent of the insured and not as agent of PIUS or any Insurer.
3.2 The Broker has no authority to bind PIUS or any Insurer, vary policy terms, make representations, admit liability, or settle claims.
3.3 Cover is not bound until PIUS confirms acceptance in writing.
3.4 Nothing creates a partnership, joint venture, employment, or principal-agent relationship.
4. AFSL and Regulatory Position
4.1 The Broker warrants it holds all required licences and authorisations.
4.2 The Broker is responsible for advice provided to insureds.
4.3 PIUS provides general advice only and deals with wholesale clients.
5. Placement and Disclosure
5.1 The Broker must disclose all material underwriting information prior to binding.
5.2 The Broker warrants no undisclosed claims or circumstances exist.
5.3 The Broker must comply with territorial and placement limitations.
6. Premium and Commission
6.1 Premium is due within 60 days of inception.
6.2 Commission may be deducted only after acceptance and will be as advised in the relevant quotation or otherwise agreed in writing.
6.3 If Premium is unpaid after 60 days PIUS may cancel in accordance with the ICA, set off unpaid Premium, and require refund of Commission.
6.4 The Broker must not enter premium finance in the name of PIUS or any Insurer.
7. Compliance and Audit
7.1 The Broker must comply with all applicable laws including AML/CTF, sanctions, and privacy.
7.2 PIUS may request documentation to verify compliance.
8. Indemnity
8.1 The Broker indemnifies PIUS and each Insurer against any loss, liability, cost, damage or expense (including legal costs) to the extent arising from or caused by the Broker’s breach of these Terms, regulatory non-compliance, failure to disclose material information, unauthorised representations, or failure to remit Premium where such failure results in loss..
9. Limitation of Liability
9.1 To the extent permitted by law, PIUS is not liable for indirect or consequential loss.
9.2 PIUS is not liable for electronic system interruption beyond its control.
10. Electronic Communications and Systems Access
10.1 Electronic communications are deemed received when transmitted.
10.2 Electronic binding instructions are valid.
10.3 Where the Broker accesses any PIUS system, portal or platform, the Broker must comply with any applicable terms, guidelines, underwriting rules or instructions notified by PIUS from time to time.
10.4 PIUS may suspend or restrict the Broker’s access to any system or platform where the Broker is in breach of these Terms.
11. Variation of Terms
11.1 PIUS may amend these Terms by publishing an updated version on its website. Amendments apply prospectively.
12. Entire Agreement
12.1 These Terms constitute the entire agreement in relation to Insurance Business to which they apply.
13. Confidentiality and Privacy
13.1 Each party must keep non-public information confidential.
13.2 The Broker must comply with the Privacy Act and ensure appropriate consents for disclosure.
14. GST and Invoicing
14.1 The Broker must comply with all applicable GST, tax invoice and related legal requirements in connection with Insurance Business.
14.2 PIUS, on behalf of the relevant Insurer, will issue recipient created tax invoices (RCTIs) in respect of commission payable to the Broker. The Broker must not issue tax invoices or adjustment notes for commission where an RCTI has been or will be issued.
14.3 The Broker is authorised to issue tax invoices or adjustment notes on behalf of PIUS or the relevant Insurer in respect of Premium.
14.4 Each party warrants that it is registered for GST and will notify the other if it ceases to be so registered.
15. Governing Law
15.1 These Terms are governed by the laws of Victoria, Australia.