Professional Indemnity Insurance

The Insured is an educational consultant and a compliance consultant. The Insured was engaged by the Claimant to provide advice and consulting services to assist their client in meeting the requirements of a government funding contract. The Insured was found to be in breach of its funding contract and was required to repay over $300,000 in fees. The Claimant also commenced proceedings against the Insured seeking the loss and damage it claims to have suffered as a result.

The claim was settled and the Insurer paid $285,000 in settlement and an additional $85,000 if defense costs.

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.