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Insurance provided by ACTIA

Insurance Coverage

Certificates of Currency

Asset Values

Overseas Travel Coverage

Insurance Coverage

The ACT Insurance Authority provides cover to all member agencies and organisations for all normally insurable risks with the exception of worker’s compensation, which is covered through Comcare.

Covers provided by the Authority include:

property and physical assets
public and product liability
professional indemnity
medical malpractice
directors’ and officers’ liability
third party motor vehicle (for some agencies)
aviation liability
volunteer personal injury and liability

Details of the extent of these covers as they apply to each agency can be obtained by contacting the Authority's Underwriting Manager.

To contact the Underwriting Manager, click here to go to the ACTIA Contacts page.

The ACT Insurance Authority examines the type and levels of risks faced by the Government agencies for which it provides cover, and sets the annual premiums to ensure that the costs of claims and losses incurred each year and the funds necessary to maintain adequate reserves are fully covered by the premiums.

While the Authority meets most claims from these premiums, part is set aside to purchase re-insurance to protect the fund against large claims and losses, or a series of such events, which could threaten the Authority’s ongoing viability.

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Certificates of Currency

From time to time, agencies may require certificates of currency to satisfy another party that adequate insurance coverage is in place for an event or display.

ACTIA is happy to discuss the requirements for certificates of currency with agencies and can provided certificates within 24 hours of request.

Contact the Underwriting Manager at ACTIA and provide full details of the event.

To contact the Underwriting Manager, click here to go to the ACTIA Contacts page.

You can also apply for a certificate of currency from this website.

Click here to go to the Certificate of Currency page.

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Asset Values

ACTIA currently insures over $10 billion of physical assets which are declared to reinsurers at renewal each year.

Agencies are required to fully declare their assets for the current insurance replacement values.

A qualified valuer will generally need to provide accurate insurance replacement values for assets. A qualified valuer would not make "common errors" in declaring values include:

out of date valuations
no allowance for full insurance year escalation
values based on written down accounting values
unrealistic building replacement rates per square metre

In estimating replacement values allowances are often overlooked for:

CPI increases since last valuations
demolition of property after a loss
increases in rebuilding costs between the date of the loss and the expected date of rebuilding.

Remember that the sum insured should equal the full replacement costs of your property – this is not the price your property may fetch if sold. Replacement costs include not only the materials and reconstruction, but also the initial site clearance and any finishing touches and related costs.

Where a property is underinsured, a valid claim will not be met in full.

Click here to see an example Insurance Replacement Calculation in PDF format