Professional Indemnity Insurance

The insured provided advice to a client in his capacity as a tax agent. The client pursued a claim on the basis that the insured wrongly and negligently advised the client that he was not eligible for the Jobkeeper programme, and did not make an application for the client to receive benefits from that programme at the appropriate time. The client claimed he suffered of loss of benefits under the programme exceeding $15,000 as a result of the incorrect advice provided and the failure to lodge the application.

The insured conceded that he provided advice that was later demonstrated to be incorrect, and started an application for retrospective payments, however the criteria for retrospective payments was not met. The insurer indemnified the insured for the losses claimed by the insured’s client.

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.