This Policy is designed to cater for members of a particular profession which usually have a code of practice and minimum educational requirements. It is only recently the Insurers have accepted Project Management as it's own risk category, previously it was considered similar to Engineers and architects. The Insurance focuses on the qualifications and experience of Technical staff employed when making this assessment.
The standard insurance indemnity policy would cover the following:
- Loss arising from conduct of consultants, agents and sub contractors if under the Insured's direction although they would not be covered themselves
- Incoming principals arising from activities from a prior business within the same profession
- Prior corporate entities
- Merged entities
- The estate, Heirs, Legal representatives or assignees of the Insured who dies or becomes insolvent
What is the Insured Covered for?
Breach of professional duty which may arise from common law, statute law or contractual law.
Some examples are:
- Breach of Duty
- Libel, slander and defamation providing it is unintentional– may be excluded from some occupations
- Unintentional infringement of copyright, trade marks, designs, patents or plagiarism
- Loss, damage or destruction of any documents or records
- Unintentional breaches of trade practices act
- Extensions available include
- Dishonest acts of employees– Fidelity Insurance
- Employment practices liability cover covering unfair dismissal, discrimination and harassment
- Outgoing partners– run off protection for a senior staff member who has left the business