Professional indemnity insurance mandates continuous claims-made protection and prompt reporting duties for registered insurance intermediaries. Professional indemnity insurance must be maintained by insurance brokers on a yearly basis throughout their registration period. Cover must indemnify ... Summary
Professional indemnity insurance mandates continuous claims-made protection and prompt reporting duties for registered insurance intermediaries.
Professional indemnity insurance must be maintained by insurance brokers on a yearly basis throughout their registration period. Cover must indemnify errors, omissions and negligence; legal liability for loss of money or property resulting from fraudulent acts or omissions; loss, replacement or restoration of documents; and dishonest or fraudulent conduct of present or former employees. The cover must respond to all claims made during the policy period irrespective of when the underlying event occurred, and cannot require the broker to first discharge the liability before claim payment.
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