Coverage / Financial lines
Professional indemnity
Cover responds to the claim, not the mistake. The retroactive date decides the rest.
Liability for negligent advice, design or service for consultants, asset managers, technology firms and engineers.
01 Scope
What it may cover
Subject to wording. Insurers differ; a sound policy answers these three points.
Claims alleging breach of professional duty, negligence or error in services.
Defence costs and settlements, including civil fines where insurable.
Loss of documents and unintentional breach of confidentiality.
02 Placement
What affects price and terms
Underwriters price what they can see. These facts come first, so we present them before they ask.
Fee income split by service line and client type.
Largest contracts and the liability caps negotiated in them.
Quality controls: peer review, sign-off and engagement terms.
Notified circumstances that may become claims.
03 The underwriting file
What we need from you
- Fee income by service line for three years.
- Standard terms of engagement and the five largest contracts.
- A completed proposal form, signed by a principal.
- Notifications and claims for ten years.
A complete file reaches more markets and returns firmer terms. Gaps are priced as uncertainty.
04 At renewal
Common gaps at renewal
01Circumstances not notified at renewal
A known issue not reported to the expiring insurer may be excluded by the new one.
02Unlimited liability in client contracts
Policy limits do not stretch to match. Caps belong in the engagement terms.
03Retroactive date lost on a switch
Changing insurer must keep prior acts cover. A fresh retroactive date leaves past work uninsured.
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Send us the risk the last broker could not place.
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