Professional Indemnity Insurance

Designed for professionals who provide advice or a service to their customers, professional indemnity insurance provides cover against claims by a third party for financial compensation arising from a breach of professional duty.

Defending a professional conduct claim can cost you time, money and damage your reputation - regardless of whether the allegations are founded or not - and under Section 5 of the Code of Professional Conduct, Members must maintain an adequate level of professional indemnity insurance (either personally or in the form of insurance held by the Member’s firm) for certain Professional Services. Senior actuaries also have the responsibility to ensure their firm has professional indemnity cover, but are not personally responsible for the conduct of another Member.

For more information about professional indemnity insurance, read the Notice to Members: Professional Indemnity Insurance.