Austral Guide

Everything you need to know to navigate our universe of insurance

MATERIAIS RICOS


Riscos nas Operações de Petróleo
BAIXE AQUI
Gestão de Riscos
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Diferentes estruturas de contrato de Resseguro
BAIXE AQUI
Regulação de Sinistros para Energy e Marine
BAIXE AQUI
Tendências dos principais riscos globais até 2033
BAIXE AQUI
Impacto do ESG para o mercado segurador nos próximos anos
BAIXE AQUI
PANORAMA DOS IMPACTOS DA IA NO MERCADO DE SEGUROS
BAIXE AQUI
PERSPECTIVAS GLOBAIS PARA O SETOR DE SEGUROS EM 2024
BAIXE AQUI
TRANSFORMAÇÃO DIGITAL E GESTÃO DE RISCOS CORPORATIVOS
BAIXE AQUI

FREQUENTLY ASKED QUESTIONS

GeneralWhere can I submit my request for quote?Requests for quote should be sent by e-mail to comercial@australseguradora.com, with the necessary documentation attached. What do I need to do if I have a claim?

The insured must report the event through the Claims Notice Form under “My Panel” on the website, or by e-mail at sinistroaustralseg@australseguradora.com

EnergyDoes Austral offer energy risk insurance for downstream activities (refining, transportation, and distribution of energy industry products)?

No, Austral only covers upstream services, i.e., exploration, drilling, development, and production activities.

What documentation do I need to submit in order to request a quote?

A copy of the final contract with the specifications of the services, signed by both parties; the contract number and term must be specified.
Austral’s Energy Risks questionnaires, completed
Download the Energy Risks questionnaire here

Can I choose which coverages to purchase?

Yes; however, you must purchase at least one of the basic coverages (Physical Damage, Liability, Operator’s Extra Expense, or Offshore Construction), and select the additional coverage to be linked to the basic coverage.

Can I purchase a policy in dollars?

Yes, as long as the insurance information and the limits and deductibles are in the same currency.

Does Operator’s Extra Expense protect the operators, as individuals, working on the well’s operation?

No; the coverage protects the purchaser of the insurance from accidents resulting from a loss of control of the well. The policy that would cover operators is Liability.

Does the insurance also offer coverage for onshore operations, or only offshore?

Yes; both onshore and offshore operations are covered under Energy Risk insurance, as long as they are related to upstream activities.

Within what regions does Austral provide coverage?

Austral only provides coverage within Brazil and along the Brazilian coast.

Does Austral offer coverage for Pollution and Environmental Liability?

Our additional coverage only guarantees sudden pollution, which is over within 72 hours after onset.

Does Austral offer insurance for equipment for the exploration and production phases of a well?

Yes; all exploration and production equipment is covered in the Physical Damage section, with the exception of downhole equipment.

What information is required to obtain a quote?

General Information:

  • Insured’s business name and CNPJ (Brazilian corp. tax ID)
  • Business activity
  • Coverages, limits and deductibles desired
  • Geographical scope
  • Revenue from the past 12 months and estimated revenue for the next 12 months
  • Claims history for the past five years

Primary information for quoting each coverage:

  • Quote for Physical Damage: value of the risk, year of manufacture of the equipment, function of the equipment
  • Quote for Liability: value and term of contract, percentage of labor allocated in the contracts, number of employees and services provided
  • Quote for Operator’s Extra Expense
  • Quote for Offshore Construction
  • Other information, depending on each type of risk
Does the Physical Damage policy cover any monetary damages, even in the event of an act of God or force majeure?

No; the coverage has subjectivities and exclusions, such as damage resulting from forces of nature.

SuretyWhat is taken into account when analyzing risks?

Risks are assessed based on the Main Contract, its clauses and information, such as term and value to be guaranteed. We also consider the policyholders’ capabilities and performance record, as well as their financial and technical capacity.

When can Judicial Surety Insurance be used?

Judicial Surety Insurance is used as an alternative to deposits in court of sums being discussed in the legal case. Court cases usually require that a payment be made into court to ensure the continuity of the case. Normally, this payment is made via a deposit in court, a levy of execution, or a bank guarantee. Judicial Surety Insurance is an alternative with many benefits over the other options available. By showing that they hold the policy, the defendant company guarantees that it will pay the legal obligations to the insured, which in this case is the court.

Related to Judicial Surety Insurance, in the event the court’s decision is to order the payment of the sum in question, does the insurer pay out the settlement?

After the case is rendered final, the policyholder is ordered to make the payment. The insurer is then called to pay the guaranteed amount in the event of default by the policyholder. After the insurer has made the payment, it may then trigger its counter-guarantee contract.

What documentation do I need to submit in order to request a quote?

All information on the contract, the bid process, or the court case you wish to guarantee. This information is required so we can analyze and determine the possibility of issuing your quote and your surety insurance policy.

In some cases, due to the specificities of each type of policy, we will need to contact you to request additional documentation. Don’t worry—our team will be there to answer your questions and if required, you can contact us at comercial@australseguradora.com.

What information is required to register a policyholder?

The policyholder’s registration form, including shareholders and signatures.

  • Last three (3) complete financial statements
  • Most recent trial balance
  • Most recent set of corporate documents

Due to the specificities of each segment, additional documents may be requested.

What is an appeal bond?

An appeal bond is an obligation of an employer when they wish to appeal a court decision through the respective courts, in the case of labor claims.

What is a counter-guarantee contract?

A counter-guarantee contract is the instrument that governs all obligations of the policyholder toward the insurer, whereas the policy is physically held by a third-party beneficiary, which is the insured. In particular, this contract aims at ensuring the right of recourse against the policyholder in the event of a claim. It is a legal instrument that allows for compensation by the policyholder and its guarantors of the sums paid by the insurer to the insured, thus not affecting the insured’s rights.

Directors and Officers LiabilityCan I use the information from the website in place of a policy?

No. The information is provided to assist the reader in understanding the product. The general, particular, and special terms and conditions in the policy are what will be used to interpret each specific case.

How does the complementary period work? How about the supplementary period?

When a policy is not renewed, an additional term is offered for the insured to submit any claims regarding events that occurred during the policy period (its effective period and retroactive date). The complementary period starts after the end of the term of the policy, and it is free. At the end of the complementary period, and new additional term will be offered. This new additional term is the supplementary period; it can be purchased for a preset percentage of the value of the policy premium. Both terms are negotiated at the time of the quote and are available in the policy’s specification sheet.

Does Austral Seguradora accept financial institutions for D&O?

Yes; we can review cases for financial institutions for our D&O.

What activities are not accepted by Austral Seguradora?

We don’t accept military, nuclear, or radioactive activities (except medical equipment), alcoholic beverages (except beer and wine), tobacco, gambling, or activities involving asbestos.

Will Austral Seguradora review candidates with unfavorable financial situations?

Yes; we can review candidates with unfavorable financial situations. However, this doesn’t mean that all cases will be accepted.

Since the complementary and supplementary periods are already available, is it worth it to simply renew the policy at the end of these terms?

No. The complementary and supplementary periods serve as additional periods for submission of claims on events occurring during the term of the expired policy. New events can only be covered under a new policy.

There are coverages listed on the website or on the product registered with SUSEP (the Brazilian Private Insurance Superintendency) that are not part of the quote I received. Will these coverages be part of the policy if I decide to purchase it?

No; not all coverages that are part of the product are offered in the quotes prepared by the underwriting team. If the coverage is not included in the quote, it is not offered.

What information is required to obtain a quote?

Download the D&O questionnaire here

Errors and OmissionsCan I use the information from the website in place of a policy?

No. The information is provided to assist the reader in understanding the product. The general, particular, and special terms and conditions in the policy are what will be used to interpret each specific case.

How does the complementary period work? How about the supplementary period?

When a policy is not renewed, an additional term is offered for the insured to submit any claims regarding events that occurred during the policy period (its effective period and retroactive date). The complementary period starts after the end of the term of the policy, and it is free. At the end of the complementary period, and new additional term will be offered. This new additional term is the supplementary period; it can be purchased for a preset percentage of the value of the policy premium. Both terms are negotiated at the time of the quote and are available in the policy’s specification sheet.

Does Austral Seguradora accept activities known as “Miscellaneous” (activities not connected to self-employed professionals) under E&O?

Yes; we can review this on a case-by-case basis. This does not mean that all applications will be accepted.

What activities are not accepted by Austral Seguradora?

We don’t accept military, nuclear, or radioactive activities (except medical equipment), alcoholic beverages (except beer and wine), tobacco, gambling, or activities involving asbestos. For E&O, we also need to point out that we do not accept customs agents, logistics companies, insurance and reinsurance brokers, nor healthcare activities or financial institutions.

Does Austral Seguradora accept financial institutions for E&O?

No; at this time, we are not offering financial institutions professional indemnity insurance (FIPI).

Since the complementary and supplementary period are already available, is it worth it to simply renew the policy at the end of these terms?

No. The complementary and supplementary periods serve as additional periods for submission of claims on events occurring during the term of the expired policy. New events can only be covered under a new policy.

There are coverages listed on the website or on the product registered with SUSEP (the Brazilian Private Insurance Superintendency) that are not part of the quote I received. Will these coverages be part of the policy if I decide to purchase it?

No; not all coverages that are part of the product are offered in the quotes prepared by the underwriting team. If the coverage is not included in the quote, it is not offered.

What information is required to obtain a quote?

Download the E&O questionnaire (engineers) here
Download the E&O questionnaire (notaries) here
Download the E&O questionnaire (technology) here
Download the E&O questionnaire (lawyers) here
Download the E&O questionnaire (accountants) here
Download the E&O questionnaire (misc.) here