Professional Indemnity FAQ

Professional Indemnity - types of claims

Some examples of types of Claims or Circumstances under a Professional Indemnity policy.

  •  Negligence arising from a Breach of Professional Duty due to an act, error or omission
  •  Fraud and Dishonesty of staff
  •  Libel, Slander or Defamation against a third party
  •  Loss of client documentation
  •  Legal liability for damages and claimants’ costs/expenses arising from the act, error or omission/civil liability of the “Company’s” employees
  •  Wrongful or inadequate advice to client(s)
  •  Acting without proper instructions from the client
  •  Failure to act in accordance with client’s instructions or at all.
  •  Failure to advise client
  •  Breaches of Trade Practices Act/Fair Trading Legislation- misleading or deceptive
  •  Breaches of Statute - eg; Corporations Law, Uniform Consumer Credit Code

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Dodgy Building Inspectors could bring claims

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It says Directors & Officer's Side A, Side B and Side C cover has been chronically underpriced since at least 2011, while the frequency of class actions is increasing as more plaintiff lawyers and litigation funders enter the space.

The analysis suggests last year’s overall premium pool of about $210 million would need to increase by at least three times to establish a profitable market, if it is assumed all other factors stay unchanged.

“Recent market developments would indicate most D&O insurers are now endeavouring to restore some semblance of profitability to their portfolios after years of market losses,” the report says.

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