Professional Indemnity Insurance

Professional Indemnity insurance (PI) helps protect professionals against the financial loss and legal costs associated with claims of civil liability arising from a breach of professional duty.

Professional Indemnity, Supported by Local Expertise

Our Professional Indemnity policy is supported by local underwriters who understand the specific risks of your focus industry and are available to discuss the why behind every decision.

Capacity $20m
- Civil Liability arising out of Professional Business
- Breaches of intellectual property rights*
- Contractual liability
- Defamation, Libel and Slander*
- Errors or omissions in the provision of your Professional Business
- Faulty designs, inaccurate advice
- Fines & penalties
- Costs of Court Attendance
- Public Relations Expenses
- Inquiry Costs
- Fraudulent & dishonest acts
- Loss of or damage to documents
- Dishonesty of Insured Persons
- Misleading & deceptive conduct*
  
  *We provide coverage for unintentional misleading & deceptive conduct, breaches of intellectual property rights and defamation.
Our appetite is very broad. This is not an exhaustive list. We will quote almost anything not on our decline list, including:
- Accountants
- Advertising Agents
- Agricultural consultants
- Archaeologists
- Architects
- Associations (tailored Associations Liability wording)
- Cartographer
- Computer consultants (IT consultants) - (tailored IT policy wording)
- Consultant
- Consulting engineers (excluding building inspectors/surveyors)
- Design and construct (annual only)
- Draftsperson
- Economists (excluding FI associated risk)
- Education consultant
- Energy efficiency consultants
- Environmental consultants
- Finance/mortgage brokers
- Funeral director
- Graphic designers
- Human resource consultants
- Insurance brokers (our wording RG126 complaint)
- Interior designers
- Loss adjusters/assessors
- Lawyers (excess of loss only)
- Management consultants
- Manufacturing risks
- Medical malpractice risks (tailored Medical Malpractice wording)
- Miscellaneous
- OH&S Consultants
- Project/construction managers
- Quantity surveyors
- Real estate agents (excluding Valuers)
- Tax agents
- Town planners
- Travel agents
- Underwriting agencies
- PLUS anything not on the decline list
- Building certifiers, surveyors and inspectors (including pre purchase)
- Financial institutions
- Geotechnical engineers
- Investment managers
- Marine engineers or surveyors
- Property valuers
- Stockbrokers
Product Information Sheets

Professional Indemnity Insurance Fact Sheet

Policy Wordings

Professional Indemnity Insurance Miscellaneous Professions - Policy Wording
Combined - Professional Indemnity & Public & Products Liability - Policy Wording
Accountants Professional Indemnity Insurance - Policy Wording
Combined - Accountant Professional Indemnity & Public & Products Liability
Insurance Brokers Professional Indemnity - Policy Wording
Mortgage & Finance Brokers Professional Indemnity - Policy Wording
Combined - Mortgage & Finance Brokers Professional Indemnity & Public & Products Liability - Policy Wording
Real Estate Professional Indemnity - Policy Wording
Combined - Real Estate Agent Professional Indemnity & Public & Products Liability - Policy Wording
Solicitor's Excess Lawyer Professional Indemnity - Policy Wording
Professional Indemnity Insurance for Construction Professionals - Policy Wording
Resolution Institute Combined - Professional Indemnity, Public and Products Liability - Policy Wording
Misc Professions No Bodily Injury Professional Indemnity - Policy Wording
Combined - Construction Professionals Combined Professional Indemnity & Public and Products Liability Insurance

Addendums

Accountants Professional Indemnity Insurance - Addendum
Architects Professional Indemnity Insurance - Addendum
Construction Professional Indemnity Insurance - Addendum
Insurance Intermediary Professional Indemnity Insurance - Addendum
Mortgage & Finance Brokers Professional Indemnity - Addendum
Real Estate Professional Indemnity Insurance - Addendum
Recruitment Professional Indemnity Insurance - Addendum

Proposal Forms

Accountants Professional Indemnity Insurance - Proposal Form
Architects Professional Indemnity Insurance - Proposal Form
Beauty Therapists Professional Indemnity Insurance - Proposal Form
Construction Professional Indemnity Insurance - Proposal Form
Professional Indemnity Insurance - Proposal Form
Mortgage & Finance Brokers Professional Indemnity Insurance - Proposal Form
Real Estate Agents & Business Brokers Professional Indemnity Insurance - Proposal Form
Recruitment Consultants Professional Indemnity Insurance - Proposal Form
Legal Practitioner and Solicitor Excess Professional Indemnity Insurance - Proposal Form

Renewal Declaration

Accountants PI Insurance - Renewal Declaration
Architects Professional Indemnity Insurance - Renewal Declaration
Construction Professional Indemnity Insurance - Renewal Declaration
Insurance Intermediary Professional Indemnity - Renewal Declaration
Professional Indemnity Insurance - Renewal Declaration
Mortgage & Finance Brokers Insurance - Renewal Declaration
Real Estate Agents & Business Brokers Insurance - Renewal Declaration
Recruitment Consultants - Renewal Declaration

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Claims Examples

Property Manager

A property manager fails to perform a routine inspection of a balcony. The balcony later collapses, causing injury. The property manager is sued for negligence in their professional duty. BIA’s PI policy responds to cover legal defence and settlement costs.

Project Manager

A project manager provides incorrect advice regarding the timeline and cost of a commercial build. The delay leads to significant financial loss for the client. The project manager is held liable for the professional error, and the policy provides indemnity for the damages.

Architect

An architect makes a calculation error in the design plans for a residential home, requiring expensive structural remediation during the build. The homeowner sues for the cost of repairs. BIA supports the architect through the litigation process and covers the resulting loss.

Mortgage Broker

The insured provided housing loan finance to the claimant. Claimant alleged the insured incorrectly completed the loan application resulting in the bank providing the insured with the incorrect type of loan for their circumstances. The claimant alleged they suffered loss and damage as a result of the insured breaching the National Consumer Credit Protection Act 2009 (Cth) by failing to provide credit assistance which was suitable for the claimant.

Recruitment

Claimant alleges that the insured engaged in misleading or deceptive conduct by misrepresenting the contract duration of a role it had arranged for the claimant. The claimant had resigned from another position to take up the new role. Matter settled for over $65,000 including expenses.

Important Notice

These are examples only. You should read them only as a guide. They do not form part of any policy. Every claim is different. We always determine indemnity decisions and claim payments on an individual basis, after we have assessed the claim. Information provided is general only and has been prepared without taking into account any person’s particular objectives, financial situation or needs. Insurance cover and whether a policy responds to a claim is subject to the terms, conditions, limits and exclusions of the policy. When making a decision to buy or continue to hold a financial product, you should review the relevant policy wording and any applicable endorsements.

Professional Indemnity FAQs

We have a specialised Design & Construct Professional Indemnity policy that is suitable.
If a structural engineer discovers an error in their design which could result in a building falling down, the engineer may be covered for mitigation costs of supporting the building to ensure it does not fall down in the short term until they can contact us. The insured must notify us immediately when they discover the problem and work with us to reduce the liability as much as possible.
Yes, but it depends on the profession involved. Less exposed professions may not pay much more (if any) for costs exclusive limits. For more exposed professions it will be more expensive or may not be available at all.
The insured must be a natural person or legal entity. Trading or business names are not legal entities and therefore do not have legal capacity to enter contracts (including a contract of insurance) or be the subject of legal proceedings. If desired, the trading name can appear alongside the named insured.
No. You should ask for a write back to the exclusion that covers bodily injury arising out of a breach of professional duty. Most PI policies issued by BIA do not contain an exclusion for claims arising from bodily injury if that injury is a result of a breach of professional duty.
Yes. Any legal entity that is to be covered under a policy must be named on the PI policy schedule. Subsidiaries are not automatically covered.
You should note all past, present and future activities on the current PI policy schedule no matter how long ago the activities were undertaken. The statute of limitations is different depending on the type of claim being brought so it’s a good idea to list all past, present and future activities on PI policies.

Why BIA

We don’t believe in layers of management or complex referral chains. Our culture is built on autonomy and responsiveness, providing you with the answers you need when you need them.

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We aim to respond within 1 business day, if not the same business day. We know that speed is the difference between a bound policy and a missed opportunity.
Our market-facing underwriters are empowered to make decisions, and we aim to provide direct access to the people who know your business and can support your needs.
We believe in providing a consistent underwriting approach, helping deliver continuity and confidence for our brokers across different market conditions.
Berkley Insurance Australia is a member of W. R. Berkley Corporation, a Fortune 500 company that is listed on the New York Stock Exchange and is part of the S&P 500. W. R. Berkley Corporation’s insurance company subsidiaries are rated A+ (Superior) by A.M. Best Company and AA- (Very Strong) by Standard & Poor’s.

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Resources

Claims

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Documents

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FAQs

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Professional Indemnity Insurance

Professional Indemnity, Supported by Local Expertise

Coverage Information

Appetite

Decline List

Documents

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bindIT Registration

Contact Us

Claims Examples

Property Manager

Project Manager

Architect

Mortgage Broker

Recruitment

Professional Indemnity FAQs

What policy would be suitable for builders who design & construct projects?

What is the Mitigation Cost extension, and how does it operates under the policy?

Are cost exclusive terms generally more expensive than cost inclusive terms?

Does the named insured also include trading / business names?

Is it industry standard for Professional Indemnity (PI) policies to exclude cover for bodily injury (BI) where the event links back to the insured’s professional services?

Does BIA require all entities within a group to be named on the PI policy schedule if they are to be covered under the policy?

If an insured reduces their activities should it keep the previous activities performed in the past listed on the current policy schedule to ensure cover for them?

Why BIA

We are Responsive and Proactive

Direct Access to Experts

Consistency Matters

We Offer Stability

Resources

Claims

Documents

FAQs

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