Accident Make Up Pay Insurance - Victoria
THE POLICY
The policy provides protection to an Insured (the Employer) to make up an employee's wage to its full amount where, following a workplace injury, an employee is incapacitated and is in receipt of weekly benefits from WorkCover.
WHO NEEDS THIS COVER?
All employers of paid staff should effect this insurance. Under the terms of most employment awards, the employer is obliged to make up the difference in pay between WorkCover benefits and the pre-claim level of wages. The period for which make-up pay is required is set out in the relevant award.
DEDUCTIBLE (EXCESS)
There is no deductible on this policy. However, under WorkCover regulations, the employer is obliged to bear the first two weeks of the incapacity and this policy makes no contribution to that first two weeks of claim.
LIMIT OF LIABILITY
Subject to the adequacy of the sum insured, the policy pays the difference between WorkCover payments and the employee's pre-claim earnings up to the maximum period specified in the award.
WorkCover pays a maximum of 95% of weekly earnings for the first 13 weeks of incapacity and reduces thereafter according to the assessed degree of incapacity. The earnings are capped and adjusted at 1 July each year.
SUM INSURED
The sum insured is identical to the wage paid to the highest paid employee.
FEATURES and BENEFITS
- Our Make-up Pay policy pays the 5% difference between the WorkCover benefit and the employee's standard wage.
- Where the employee is earning in excess of the WorkCover capped benefit, our policy pays the full amount in excess of that benefit.
- Cover is provided to all staff (full-time or part-time) where award provisions require that, in the event of a claim, the pay is to be maintained at pre-claim levels.
GST and STAMP DUTY
GST (calculated from 1 July 2000) and Stamp Duty are added to the premium.
TAKING OUT A POLICY
Catholic Church Insurances Limited will assist in obtaining information necessary for providing a quotation and issuing a policy.
Claims should be lodged with Catholic Church Insurances Limited as soon as possible by telephoning 1300 655 001.
Please note: this information sheet is not intended to replace the policy wording. It is designed for information purposes only and should be read in conjunction with the policy wording. For further information or a full copy of the policy wording please contact Catholic Church Insurances Limited on 1300 655 001.
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