Key policy benefits
Meets all requirements for obtaining or renewing your NSW practising certificate
Your ABC Insurance professional indemnity insurance (PII) policy will allow you to obtain or renew your practising certificate in the usual way. There are no extra steps needed.
Standard $2 million cover limit
Our PII policy provides your law practice with a standard indemnity limit of $2 million, inclusive of claimant’s costs and defence costs, which is the minimum required to obtain your practising certificate.
Additional cover (Top Up) options
Your law practice may undertake work with a significantly higher dollar value exposing it a liability risk over and above the standard indemnity limit in the event of a claim. Protect yourself by considering additional liability cover options.
We offer additional ‘Top Up’ cover starting from $500,000 up to $3 million on top of the standard $2 million, for a total cover of up to $5 million, available through our online portal with instant quotations and acceptance provided.
Additional cover over $5 million is also available upon request and subject to review by our underwriter, Liberty.
All you need to do is apply online.
Enhanced covers and benefits
Please see the policy for full details. A summary is provided below.
Inquiries
If your law practice as a result of its conduct in providing legal services becomes the subject of an inquiry by a regulator, government body or other external body with legal authority to undertake such an investigation, we will pay your reasonable and necessary legal costs up to the sub-limit noted in your insurance schedule (subject to your policy terms and conditions).
Costs orders
If you are made the subject of a cost order in your capacity as a solicitor representing a client we will indemnify you including for any external legal costs in respect of the order up to the sub-limit noted in your insurance schedule (subject to your policy terms and conditions). If you are made the subject of a cost order in your capacity as a solicitor representing a client, we will pay this and associated external legal costs up to the sub-limit noted in your insurance schedule (subject to your policy terms and conditions).
Prior practices
The cover we provide to your law practice under your policy also extends to any legal practice which is determined to be a prior practice of your law practice (subject to your policy terms and conditions).
Senior counsel determination
If a dispute arises in relation to the conduct of a claim or involving another ABC insured cannot be resolved we will seek the assistance of a senior counsel to determine a just outcome.
Run-off cover
Should your law practice cease trading with no identifiable successor practice we will provide you with automatic run-off cover for seven years from the date you ceased to provide legal services (subject to your policy terms and conditions).
Internal conveyancing and estate planning
We will provide you with cover against civil liability claims resulting from legal services being provided to a principal or employee in connection with personal conveyancing or personal estate planning advice provided in the usual course of your law practice’s business whether or not a fee is charged. We will pay up to the limit of indemnity provided under your policy (subject to the policy terms and conditions).
Cyber insurance
Our professional indemnity insurance policy does not cover you or your practice for cyber-related claims.
Instead we’ve partnered with CFC to offer a competitively priced cyber insurance product of real value to your law practice.
You will soon be able to apply online for our cyber insurance, either as a standalone product, or as an enhanced cover alongside your ABC Insurance professional indemnity policy.
We’ve got you covered … it’s as simple as ABC.