Professional Indemnity

An invoice totalling $93,000 was issued to a structural engineer by a supplier for services rendered. The engineer initiated a bank transfer, but payment was not received due to incorrect bank details provided on the invoice.

The engineer promptly reported the incident to both their bank and the police. Despite the actions taken to address the fraudulent transaction, the supplier persistently continued to demand payment from them.

The insurer appointed a crime investigator to obtain the proof of loss and paid $45,000 less excess for the loss.

The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Cover for a claim will depend on the specific circumstances around the loss and would be subject to the terms and conditions of the policy concerned.

As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained in this email is general only.  Coverage for claims on the policy will be determined by the insurer, not BizCover for Brokers, and will depend on the specific facts and circumstances involved.