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Professional Indemnity Insurance (PII) is a critical form of liability insurance that offers financial protection to professionals and businesses that provide expert advice or services. It covers the cost of legal defence and any resulting liability costs. The new Insurance Act (NIIRA 2025) mandates certain sectors to maintain PI cover, such as the health and aviation sectors, while other areas like construction will also benefit from the Act's focus on professional valuation for building insurance.
Valuation for Building Insurance
NIIRA 2025 emphasizes the importance of professional valuations to determine accurate reinstatement and indemnity values for buildings.
This ensures fair compensation in the event of a loss and protects investments.
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Helps manage the high cost of defending against client lawsuits.
Protects professionals from having to personally pay awarded damages.
Shows clients that the professional takes responsibility for the quality of their work.
Fulfills regulatory or contractual requirements in many professional fields.
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Motor, Public/Product Liability, Workmen’s Compensation, General Third-Party Liability, Contingent Employers’ Liability, Occupiers/Builders’ Liability, Professional Indemnity, Directors’ and Officers’ Liability.
Arrangement between the Pool and members is akin to the Quota Share arrangement on the basis of 60/40.
Cession is the same for all policies except for Motor Comprehensive where 4.5% and Contractors’ All Risks where 15% of premium is ceded to the Pool to cater for the Liability aspects of the risks.
Cession to the Pool depends on how you rank the Pool; for instance, would you feed your treaty before thinking of the Pool or vice versa?
Some of the notable exclusions are participation in: (1) The own damage section of members’ motor policies (2) Exploration, drilling, processing of petroleum gasoline or related products and petrochemical products
The Pool’s arrangement with the members is on a Quota Share basis and does not support layered liability policies.
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