About Professional Indemnity Insurance
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Your obligation to hold Professional Indemnity Insurance
All legal practitioners practising as principals of a law practice (unsupervised) in New South Wales are required to hold or be covered by Professional Indemnity Insurance (PII) pursuant to section 45 of the Legal Profession Uniform Law (NSW). Insurable solicitors in the Australian Capital Territory are required to hold an approved professional indemnity policy under section 311 of the Legal Profession Act 2006 (ACT). Law practices in the Northern Territory are required to hold an approved professional indemnity policy under s376 of the Legal Profession Act (NT) 2006.
Determine whether a consultant to your law practice is covered by your practice’s PII policy
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Extent of cover
The PII policy provides law practices with cover up to $2 million each claim, including claimant’s costs and defence costs.
The PII policy responds to civil liability for claims that arise from legal services provided by the law practice that are first made during the period of insurance, subject to the terms, conditions and exclusions of the policy.
The PII policy sets out the extent of the civil liability cover provided to both the current law practice and its current and former principals and employees, as well as those of a prior practice of the law practice. The terms, conditions and exclusions are written in plain English.
Features of cover
- Broad civil liability cover for practitioners in private legal practice (which protects consumers of legal services).
- Cover available to all insurable law practices.
- Indemnity of up to $2 million each claim, including defence costs and claimant’s costs (excluding the applicable excess).
- No provision for avoidance or cancellation for reasons such as non-disclosure.
- Run off cover for former principals and employees.
- Run off cover for law practices that have previously ceased and were insured by Lawcover Insurance at the time of ceasing.
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2024/25 |
