PROFESSIONAL INDEMNITY INSURANCE
WHAT IS PROFESSIONAL INDEMNITY INSURANCE?
Professional Indemnity (PI) is an insurance product that is designed specifically for professional people and firms who provide specialist services and advice that is relied upon by third parties.
It offers genuine peace of mind, substantial support and protection for you and your employees should anything go wrong in the course of your day-to-day business.
NZACS members with Professional Indemnity Insurance also benefit from the back-up of the NZACS Claims Committee, a team of longstanding industry experts who can be called upon at any stage to help you navigate the way through any issue. You can also rely upon the experienced team at Aon New Zealand.
WHY DO I NEED IT?
Professional Indemnity Insurance protects you against financial harm in the event of an error or omission whilst providing service or advice, where those errors or omissions cause a third party to suffer a loss and the law enables the third party, e.g. your client, to seek compensation of a civil nature for that loss from you, as the service professional.
In addition to indemnity from civil liability, NZACS Professional Indemnity Insurance covers you against regulatory action by the New Zealand Registered Architects Board (NZRAB) and the Building Practitioners Board (BPB) following any complaint regarding your professional duty or conduct. This automatic extension will provide cover for your defence costs and any cost awards that may be ordered against you. It also provides cover for your defence costs or for the settlement of a civil liability claim.