Professional indemnity insurance: cover for investigation costs
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Professional Indemnity (PI) insurance is intended to cover specified losses suffered by a business (or individual acting in their professional capacity) where it is alleged that the business has caused loss to its clients or other third parties in the provision of services as a result of defined wrongful acts. It is possible to obtain PI to cover costs incidental to regulatory and/or criminal investigations but this does not necessarily “come as standard” and may be subject to exclusions or limits.
So how do you know what you’re covered for?
India Jordan, an Associate in our contentious insurance practice, has compiled a quick reference checklist to help you ensure your business has adequate cover. The checklist guides you through the key terms that insureds should review when notifying a claim or negotiating the terms of a PI insurance policy.