| Insurance and indemnities
The ILC’s and its subsidiaries’ insurable risks are covered through Comcover, the Australian Government’s self-managed fund. The cover consists of general liability which includes professional indemnity and Directors and Officers liability, property (including livestock, pastures, crop and property in transit), plant and equipment (including vehicles) and aviation.
There were no significant insurable losses experienced by the ILC or its subsidiaries during the year. However, some property damage occurred as a result of the natural disasters across the northern part of Australia including fire, cyclone and flood damage.
To maintain a focus on quality improvement, the ILC participates annually in the Comcover Risk Management Benchmarking programme and as a result consistently receives discounts on its insurance premium.
The ILC provides limited indemnities in favour of ILC Directors and officeholders of ILC subsidiary companies. The indemnity arrangements largely mirror indemnities that would be implied at common law and, generally speaking, indemnify Directors against personal liabilities they might incur while properly performing their roles as officeholders. The indemnities are consistent with Division 4A, Part 3 of the CAC Act and do not cover certain liabilities arising from particular statutory breaches, breaches of the criminal law or actions involving a lack of good faith.
The ILC maintains Directors and Officers insurance coverage through Comcover. The 2013–14 premium was $29,335 (2011–12 $59,5111), 14.65% of the total liability premium.
Consultants
See Appendix 6.
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