FAQs

• Q: What is Professional Indemnity insurance?
  A: It is a type of liability insurance that provides cover for financial consequences of neglect, error or omission by the insured. A professional indemnity insurance policy works in providing expert legal advice and legal expense cover in defending the claim and any subsequent awards up to the policy limit.
• Q: How much cover do I need?
  A: The limit of professional indemnity cover is the maximum amount the insurers will pay out. Your limit should reflect your exposure to possible claims. Talk to our expert team for advice on appropriate levels of cover for your profession.
• Q: Do I have to pay excess?
  A: While all professional indemnity insurers require professionals to pay excess (the amount of money that you agree to pay towards covering the costs of a claim yourself), most will keep this relatively low to prevent you from experiencing financial difficulty.
• Q: What is run-off cover?
  A: Professional indemnity insurance for a business which has stopped trading but wishes to maintain cover for past services. Run-off cover usually lasts for a period of 6 years but other periods of time can be specified.
• Q: In which countries is my professional indemnity insurance policy valid against claims?
  A: For you to be covered by your professional indemnity insurance policy, a claim against you must be brought in the courts of – or be subject to the laws of – a specific country or region. This is normally Ireland but it can be extended to worldwide or worldwide excluding USA and Canada. Please refer to your professional indemnity insurance policy schedule for full details.