Professional Indemnity cover provides protection to professionals against losses that may arise out of their day to day professional duties as a result of professional negligence, errors or omissions, breaches of professional duty or conduct and civil liabilities.

Professional indemnity policies are subject to the doctrine of utmost good faith. This requires the buyer (and seller) to act honestly towards each other and not to mislead or withhold material information.

A Professional indemnity policy may also cover claims for:

•Defamation
•Intellectual Property breaches
•Privacy Act Breaches
•Loss of Documents including electronic data (and the cost or restoring data)
•Contractual Liability
•Statutory Liability

Some of the policy exclusions;

•a policy excess or deductible
•death, injury or illness of employees
•damage to third party property, unless arising out of advice, design, specification or omission to perform a professional duty
•liquidated damages
•circumstances which might give rise to a claim which were known about prior to inception of the policy
•war
•radioactive contamination
•pollution of any kind