Professional Indemnity insurance is designed for professionals who provide a specialist service or advice, providing protection for financial loss and legal costs in the event of a claim. This claim may be a result of an actual or alleged negligent act, error or omission whilst providing your professional service or advice.
Professional Indemnity Insurance (PII) is adequate to cover loss events in relation to the services we supply to you. This includes ensuring that as we are offshore that our insurance allows for claims that occur outside Australia as well. Consider the maximum compensation, as well as potential fines if customer data is compromised and must be reported under the Notifiable Data Breach requirements, that could be awarded against us.
As a recruitment and management company servicing Australian mortgage broker companies, we have taken a professional indemnity insurance policy with BizCover to ensure the highest level of service and financial protection for both our company and our clients.
- Coverage: This policy provides coverage for our mortgage and finance brokers up to a limit of $250,000 per claim. This limit applies to each individual claim, and our total coverage may exceed this amount, depending on the number of claims.
- Scope of Coverage: The policy covers any claim made against us in respect of any civil liability incurred for professional services provided by our mortgage and finance brokers. This includes claims made for breach of professional duty, negligent acts, errors, or omissions.
- Policy Period: The insurance policy remains in effect for the period specified in the insurance schedule or until the policy is cancelled.
- Notification of Claims: We are responsible for notifying BizCover as soon as possible of any circumstance that could potentially lead to a claim under this policy.
- Policy Interpretation and Jurisdiction: This policy will be governed by and interpreted in accordance with Australian law, and any dispute will be resolved within the jurisdiction of Australian courts.
By holding this professional indemnity insurance policy, we aim to ensure the utmost professional conduct of our brokers, safeguard the interests of our clients, and uphold our reputation as a reliable service provider in the financial sector.