Professional Indemnity (PI) insurance is no doubt one of the most vital forms of cover for Migration Agents. If things don’t quite go to plan it can provide much needed financial assistance for legal and compensation costs in the event of action taken against you in the course of your business.
Like all insurance policies however, there are several important conditions and obligations under PI policies that Migration Agents need to be aware of to ensure your policy provides the cover you’re expecting, so that you won’t be left high and dry when you come face-to-face with the unexpected.
PI insurance contracts are issued on a ‘claims made and notified’ basis, which means the policy responds to claims first made against the insured during the policy period, and notified to the insurer during the policy period. In short, for a claim to be covered your policy must have been in place at the time the allegation was made against you, and when the claim is lodged.
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