Professional indemnity insurance mandates continuous claims-made cover, remuneration-linked limits, insurer certification, and prompt reporting by insurance intermediaries.

Insurance brokers must maintain yearly professional indemnity cover throughout registration for negligence, fraud-related liability, document loss, and employee dishonesty. Cover applies to all claims made during the insurance period irrespective of when the causative event occurred and cannot require prior payment by the broker. Indemnity limits are remuneration-linked and category-specific, while uninsured excess is capped by capital employed. Brokers must secure insurer certification, report cancellations, claims, and potential claims promptly, and notify the Authority when an insurer proposes to decline indemnity.

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