CPD / CIP Points = 2.5
Estimated Duration = 2.5 Hours (including a short break)
Professional Indemnity (Recommended Pre-requisite “Claims Made Policies”)
Key learning outcomes:
The Professional Indemnity module begins by examining what constitutes Professional Services and how Professional Indemnity insurance provides protection against civil liability arising from those services. Participants will explore negligence and the four elements of the negligence test, other sources of civil liability, and the types of financial loss, bodily injury and property damage that may arise. Particular attention is given to distinguishing between Professional Indemnity and Public Liability exposures.
Practical claims scenarios are followed by an examination of a Professional Indemnity policy wording, including insuring clauses, extensions, exclusions, conditions, definitions, limits, excesses and endorsements. Participants will learn how these provisions interact and may affect coverage, including the importance of accurately describing the Insured’s Professional Services. Regulatory, professional body and contractual requirements for Professional Indemnity are also explored.
The module concludes with a look at how Professional Indemnity knowledge can be applied in the broking process, including conversation starters and risk prompts to help brokers identify and discuss relevant exposures with clients.
Interactive exercises and progress checks are incorporated throughout the workshop. A short test is available following the workshop.
On completion, participants will be better equipped to identify Professional Indemnity exposures, understand and interpret policy coverage, recognise potential coverage issues and explain the relevance of Professional Indemnity insurance to clients.
