What is professional indemnity/fidelity insurance?
99. In very general terms, professional indemnity insurance covers loss arising from breaches of professional duties. Such policies generally cover loss arising from ‘acts, errors and omissions’ for which the insured is liable. 100. ‘Fidelity’ cover is seen by the underwriters as distinct. It provides coverage for fraud and dishonesty of employees. We understand that some insurers offer a package of professional indemnity and fidelity (or a fidelity extension on their professional indemnity policies).
