The Tasmanian Government operates a self-insurance fund, the Tasmanian Risk Management Fund, to administer identified insurable risks of inner-Budget agencies who are Fund members. The Fund is administered by the Department of Treasury and Finance and provides cover for:
• personal injury – workers' compensation, personal accident;
• legal liability - public (general), directors and officers, product, professional indemnity and medical liability;
• property - building and contents, business interruption, fraud/fidelity, marine hull, motor vehicle and transit; and
• travel.
The Fund retains the services of a Fund Administration Agent to administer claims and provide advice in relation to claims management and insurance requirements.
The Fund does not provide liability or other types of cover for work done under a capital works contract. Building contractors for State Government works are required to purchase Public Liability Insurance and Insurance of the Works through policies organised by the Department of Treasury and Finance with the Fund's Administration Agent. Consultants wishing to do work for government agencies are required to maintain their own public liability and professional indemnity insurance.
The Fund's participating agencies have had limited involvement in alliance contracting and there has been no call to provide services in relation to such arrangements. The current policies under which the Fund is administered do not presently allow it to provide cover for alliance projects or to non-government entities.
Through the retention of the Fund Administration Agent, the services able to be offered in relation to alliance contracting are limited to providing insurance advice to participating government agencies.