We have rarely seen the drastic changes some businesses’ Professional Indemnity (PI) insurance are facing. We want to make sure you don’t get any nasty surprises in your upcoming insurance renewal.
PI insurance is under pressure. You need to check for:
• Rising premiums
• Reduced sub-limits
• New exclusions restricting your cover
• Your policy limits in conjunction with contracts - Councils and Government agencies typically request a minimum $10m limit, with many now requiring $20m
Be aware that any exclusions put on your policy today can affect claims for work done over the last 15 years! Some occupations have been hit hard and seen their premiums soar.
All PI clients can take advantage of the free one-hour contract review with our in-house legal team to ensure your insurance policies reflect the terms in your key contracts.
With all these changes, please take the time to read your insurance documents thoroughly this year.