What do PI policies provide cover for?
PI insurance provides cover for losses sustained by third parties as a result of a breach of your professional duty. This is commonly referred to as Professional Liability. In addition, policies typically cover: • Misleading and Deceptive conduct; • Defamation; • Breach of Intellectual Property Rights; • Damages arising from Fraud/Dishonesty of employees; • Defence Costs associated with covered claims. Extension of cover can also be negotiated for the following: • Findings and Awards by Dispute Resolution Bodies/ Investigations Costs; • Lost Documents – for damaged or lost documents that are part of providing professional services; • Previous Business – for when the entity or persons now providing professional services on behalf of the entity were with another organization; • Continuous cover – provides cover in certain situations for known circumstances arising prior to the period of insurance, as long as the insured was continuously insured with the same insurer and was insured at th
