Professional Indemnity Insurance

The Insured provides accounting services. The Insured was contracted to provide auditing services to their client. The claimant discovered that their bookkeeper was concealing trust money and diverting funds from the trust. The Claimant brought a claim against the Insured alleging they failed to identify missing monies in their examination.

The Claimant was awarded $50,000 and an additional $40,000 in legal costs was incurred by the Insurer.

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.