Corporate Liability Waiver Insurance

Take care of business knowing you have protection against misuse of business credit cards by employees, at no extra cost.

What am I covered for?

With Corporate Liability Waiver Insurance your business is covered for unauthorised transactions up to $20,000 per cardholder per annum, to a maximum of $150,000. Underwritten by AIG, this insurance is administered on our behalf by Aon New Zealand.

What are unauthorised transactions?

Unauthorised transactions arise when employees use their business credit card for non-business related transactions that don't benefit your business in any way. For example, when a bakery manager uses their business credit card to buy a set of golf clubs for personal use without permission.

Not all transactions are covered under Corporate Liability Waiver Insurance though, and there are some conditions you'll need to meet to make a successful claim. This includes termination of the cardholder's employment within your business.

What transactions aren't covered?

Transactions incurred:

  • By cardholders more than 75 days before notice of their employment termination, or, more than 14 days after notice of their employment termination
  • On or after notice of a cardholder's employment termination, if you don't cancel the card within two business days of termination notice
  • After your business is declared bankrupt or insolvent
  • When your business credit card account has less than two cards.


  • Instructed or approved by your business
  • Resulting from a lost or stolen card
  • Paid by your business to Kiwibank, when Kiwibank hasn’t applied the funds to the business credit card account
  • Interest or fees from Kiwibank on outstanding unpaid transactions.

Transactions made by:

  • Any cardholder who owns more than 5% of your business
  • Someone who wasn't employed by your business at the time
  • Someone not authorised to use a card.

What must I do if I find unauthorised transactions?

Before you make a claim you'll need to:

  • Block the card immediately
  • Terminate the cardholder's employment within your business
  • Cancel the card within two business days of terminating the cardholder's employment
  • Use reasonable efforts to retrieve the card from the cardholder
  • Notify the cardholder that the card has been cancelled, and instruct them to immediately:
    • Stop using the card
    • Return the card to you
    • Pay any outstanding amounts to your business
  • Gather evidence of all actions taken to collect the transactions from the cardholder
  • Send Aon a completed affidavit of waiver form within 90 days of terminating the cardholder's employment. Your business will make sure it has authorisation from the cardholder to share personal information before they use the card.

Cancelling a card

As soon as you discover an unauthorised transaction, place a block on the card in our mobile app. Go to Cards, choose the card you want to block, tap Block, confirm the details, and then block the card. If you use internet banking for business and can't see the card, you can set this up by following our step-by-step guide to internet banking.

To permanently cancel the card, call our business banking team on 0800 601 601 or +64 4 803 1646 if you're calling from overseas. Mon-Fri: 8am-5pm.