Australian Capital Territory Consolidated Regulations Australian Capital Territory Consolidated Regulations(1) An applicant for a licence to be a works assessor is eligible for the licence only if the applicant satisfies the registrar that the applicant is adequately insured.
(2) An applicant is adequately insured if the applicant has professional indemnity insurance that provides—
(a) indemnity against claims for breach of professional duty as a works assessor; and
(b) a minimum limit of indemnity of $1 000 000 for a single claim; and
(c) a minimum limit of indemnity of $1 000 000 for the total of all claims made against the applicant during the period of cover; and
(d) in addition to the indemnities mentioned in paragraphs (b) and (c), a minimum limit of indemnity for the costs and expenses of defending or settling a claim of 20% of the limit of indemnity for the claim.
(3) In subsection (2) (d):
"costs and expenses" means costs and expenses incurred with the insurer's consent.