What Does Your Professional Indemnity Insurance Policy Cover

Hi all. Found an excellent article that I am sure many will relate to. Hope you get something useful out of this...

Traditional PI Insurance. Traditionally PI insurance policies provide indemnity for claims against the insured entity for civil liability incurred in the provision of professional services, or for a breach of professional duty of care. An example of a typical insuring clause is provided below:

• “Underwriters agree to indemnify the Insured against civil liability for compensation incurred in the provision of Professional Services for any Claim first made against the Insured and notified to Underwriters during the Period of Insurance”

Emerging Cover. Some insurers now offer cover that was not previously covered by PI insurance because the nature of the loss would not trigger insuring clauses like the example provided above. Many insurers do not consider the following policy inclusions as fundamental PI cover and are reluctant to provide them under their policies.

Looks like really useful info, eh? Just click the link https://www.bric.com.au/what-does-your-professional-indemnity-insurance-policy-cover.html to find out more from the horse’s mouth! If you’d like to share perspectives or discuss how it relates to your business, call me on (0408) 885-417 or email me at [email protected]

Thanks,

Mark