TaxTMI 
TaxTMI 
Professional Indemnity Insurance Requirements
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....osts and expenses incurred in replacing or restoring such documents; (iv) dishonest or fraudulent acts or omissions by insurance brokers' employees or former employees. (2) The indemnity cover - (i) shall be on a yearly basis for the entire period of registration; (ii) shall not contain any terms to the effect that payments of claims depend upon the insurance broker having first met the liability; (iii) shall indemnify in respect of all claims made during the period of the insurance regardless of the time at which the event giving rise to the claim may have occurred. Provided that an indemnity insurance cover not fully conforming to the above requirements may be permitted by the Authority in s....
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....ker, the policy number, the limit of indemnity, the excess and the name of the insurer as evidence that the cover meets the requirements of the Authority; (ii) send a duplicate certificate to the Authority as and when called for; and (iii) inform the broker immediately of any case of voidance, non-renewal or cancellation of cover midterm. (8) Every insurance broker shall- (i) inform immediately the Authority should any cover be cancelled or voided or if any policy is not renewed; (ii) inform immediately the insurer in writing of any claim made by or against it; (iii) advise immediately the insurer of all circumstances or occurrences that may give rise to a claim under the policy ; and ....
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....;s employees or former employees. (4) The indemnity cover: (a) shall be on a yearly basis for the entire period of registration; (b) shall not contain any terms to the effect that payment of claims depend upon the corporate agent having first met the liability; (c) shall indemnify in respect of all claims made during the period of the insurance regardless of the time at which the event giving rise to the claim may have occurred. Provided that indemnity insurance cover not fully conforming to the above requirements may be permitted by the Authority in special cases for reasons to be recorded by it in writing. (5) The un-insured excess in respect of each claim shall not exceed five per cent. of the ca....