Finance > Insurance Procedure
Authorised by Corporate Services Manager
Revised date: 28 February 2022
Review date: 28 February 2023
This procedure explains how Kyeema will implement insurance. This procedure supports Kyeema to apply the National Disability Services Standards, in particular: Standard 2.2 Risk management.
Insurance is important because it transfers risk to a third party. We understand that this transfer is only effective whilst we do everything possible to ensure the insured event does not occur.
Procedure
•All assets of Kyeema are to be covered by insurance
•Kyeema currently has an Industrial Special Risk Policy which covers all building owned by Kyeema. This policy runs from the 31 March to 31 March
•The contents section of this policy covers not just the Kyeema site, but also Seawinds, Windward, Respite & Independent Living and Ameeyk on Hurd
•All vehicles are covered by full comprehensive vehicle insurance. These insurances have a common expiry date of the 22 August
•Public Liability, Product Liability, Professional Indemnity, Directors’ and Officers’ Liability, Entity Liability, Medical Indemnity, Personal Accident, Property Damage (limited circumstances only) and Entity Fidelity is covered by a Policy through the State Government of Victoria and is at no charge to Kyeema. This policy runs from 30 June to 30 June
•Kyeema has insurance cover for all individual participants attending Kyeema. This policy runs from the 31 October to 31 October
•This policy provides for the payment of benefits to the participant, if during the period of insurance any of the insured events referred to in the policy e.g. Permanent total disablement, surgical benefits – injury, accident etc. should occur
•This covers the participants for 24 hours per day, 365 days per year
•Kyeema staff are covered by WorkCover, also supported employees who receive a wage from Kyeema are also covered by WorkCover
Responsibilities
Finance Audit Risk (FAR) Committee is responsible for ensuring all insurance policies are current and relevant by reviewing on an annual basis.
Record keeping
Certificates of currency are saved in K Drive/ Admin / Insurance / (date).