Compulsory PI cover spreads around the world
Thursday, 07 30 2015, Category: Insurance and Reinsurance, Country: World
The number of jurisdictions where professional indemnity (PI) insurance is compulsory is on the increase, according to a new report from ACE Group. The report shows that the range of professions required to have PI insurance is also expanding, with professionals including accountants, architects, engineers, doctors, healthcare professionals, solicitors, barristers and insurance intermediaries now obliged to purchase PI cover in many countries.
The ACE report, published in collaboration with the international law firm Kennedys, reveals that new legal requirements expose increasing numbers of international firms to the risk of professional negligence, misrepresentation, or breach of duty claims when operating both at home and abroad.
Source: Commercial Risk Europe