Professional Indemnity Insurance - Overview

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Read this guide to assist you in assessing your insurance requirements.

Professionals today operate in an environment of increased responsibility and accountability for their actions. As individuals and corporations become more aware of their legal rights they are increasingly turning to litigation to recover loss. As a result, professionals have increasingly found themselves the target of litigation.

INCREASED LITIGATION
As a result of increased accountability, any professional person or consultant providing advice or service faces the prospect of having to defend themselves against claims of a “Professional Indemnity” nature. The cost of legal representative itself, irrespective of any liability to compensate a client, can be potentially crippling to a business and is seldom fully recovered even where the professional have been found to have no liability.

INCREASED EXPOSURE
The prospect of incurring legal liability and the resultant damage to reputation and financial standing highlights the need for professionals to review their exposures and to take measures to minimise the risks associated with conducting their practice or business.

Based on the little information you have provided with it would improper for us to provide you with advice on the suitability of this product to your specific needs. Once you have completed the proposal and returned it to us we will be in a better position to assess your needs.

THE BENEFITS OF PROFESSIONAL INDEMNITY INSURANCE

PROTECTION FOR PROFESSIONALS
Professional Indemnity Insurance provides protection for professionals against legal liability arising from the conduct of their practice or business.

Professional Indemnity insurance provides cover for settlement, compensation and damages against professionals. In addition it provides cover for the significant legal costs and other expenses associated with defending legal actions.

SPECIALISED LEGAL REPRESENTATION
Litigation involving professionals is invariably complex and can often involve professionals defending their personal reputation and integrity. It is imperative that professionals have access to specialised and highly qualified legal practitioners who will represent them and protect their interests.

PROFESSIONAL INDEMNITY INSURANCE

COMPREHENSIVE PROTECTION
The increased accountability faced by today’s professionals has highlighted a growing need for a comprehensive insurance product to protect professionals against the financial strain of litigation and to preserve the reputation and integrity of both themselves and their practice.

In response to this growing need for protection Insurers have developed comprehensive Professional Indemnity Insurance policies designed to meet the contemporary needs of clients.

EXAMPLE PRODUCT COVERAGE
Professional Indemnity Insurance can afford cover for:

• Claims for compensation
• Legal costs and expenses
• Intellectual Property
• Trade Practices actions
• Libel and slander
• Fraud and dishonesty
• Previous business
• Outgoing principles
• Infringement of copyright
• Joint venture liability

POLICY FEATURES
Professional Indemnity Insurance can incorporate the following policy features:

• Unlimited retroactive cover
• Additional reporting period
• Severability and non-imputation

These policies can include an Increased Aggregate Limit of Indemnity effectively doubling the amount of cover.