What is statutory liability insurance in New Zealand is insurance covering fines and defense costs for unintentional breaches of New Zealand statutes and regulations. Statutory liability insurance in New Zealand, offered by insurers including Vero, QBE, Allianz, and others, with policies underwritten for businesses, directors, and professionals, covers legal liability arising from unintentional breach of New Zealand legislation including Health and Safety at Work Act 2015, which is major source of claims with fines up to $3 million for companies and $600,000 for individuals plus defense costs, and Resource Management Act 1991 for environmental breaches, and Building Act 2004 for building compliance, and Fair Trading Act 1986 and other regulatory acts, with coverage including defense costs including lawyer fees for investigation and prosecution, and fines and penalties where insurable by law, with many fines insurable except for intentional breaches and certain criminal fines, with limits typically $500,000 to $2 million per claim, with policy covering company and directors and employees. Statutory liability important in NZ due to strict health and safety laws with WorkSafe prosecuting businesses for safety failures, with average health and safety fine around $300,000 to $600,000. So statutory liability insurance in NZ is insurance for businesses covering defense costs and insurable fines for unintentional breaches of NZ laws including Health and Safety at Work Act, Resource Management Act, and Building Act, with limits $500k to $2M, essential for businesses to cover regulatory prosecution risks.
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