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

Do not believe it could happen to you?

Dodgy Building Inspectors could bring claims

Latest News

Illegal or unsuitable cladding now a big issue

Why we have laws, regulations and Australian standards? Because some people just do the wrong thing all for the sake of making money. The cladding issue is the subject of 4 Corners program on the ABC.

We are already seeing Insurance policies now placing exclusion endorsements into their policies excluding and claims relating to illegal cladding. We are seeing Governments demanding Audits of all existing buildings above a certain height. There are accusations of Builders taking other short cuts such as on Wiring, Pipes and sprinkler systems. 

The question is, who is to blame? Who will take responsibility?

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Small business in NSW

Right after the NSW Government have reimposed Fire Service Levies, they have at least made an effort for small business. The government has announced it will abolish stamp duty on a number of policies taken out by a small business. This is an important change.

What is a small business? In order to gain the exemptions, the business must be a small business for Capital Gains Tax Purposes for the income year in which the insurance is effected or renewed. A small business for CGT purposes is: “an individual, partnership, company or trust that is carrying on a business, and has an aggregated turnover of less than $2 million.”

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