Professional Indemnity Insurance Law, 3rd Edition | 2023*

Professional Indemnity Insurance Law, 3rd Edition | 2023*

Professional Indemnity Insurance Law outlines the scope of coverage available to professionals for various types of liability. This updated edition continues to offer a practical, analytical approach, making it a useful tool for both insurers and insured parties.

Part One explores the legal principles governing professional indemnity insurance, covering both pre-contractual and contractual stages. It examines the nature of professional relationships and explains key terms such as utmost good faith, risk assessment, representations, premiums, and policy duration.

Part Two focuses on what triggers coverage and the elements required to support a claim. It includes discussions on third-party losses, causes of action, available remedies, and how the insured’s losses are assessed.

Part Three wraps up with analysis of claims processes, issues of illegality and misconduct, and other types of support insurers may offer when a claim is made.

• Explains the law governing professional indemnity insurance, providing clear guidance on the extent to which professionals are covered for different liabilities.
• Takes a detailed look at pre-contract matters and addresses the key principles of utmost good faith, fair presentation of the risk and representation.
• Looks at elements of the contract such as insurable interest, formation and policy terms and also outlines the current position on exclusions and exemptions.
• Covers the main terms and clauses of a professional indemnity insurance contract.
• Considers third-party loss: economic, personal injury and property damage.
• Examines different causes of action against the assured and their application to specific professions.
• Outlines the different remedies available including damages, consequential loss, interest, recission, injunction, specific performance, restitution and unjust enrichment.
• Explains the procedure behind the claims process, its time limits and ancillary issues like subrogation.
• Detailed coverage of illegality and misconduct and the evolving law surrounding fraudulent claims.
• Addresses the assured’s loss and the three financial components: third-party costs and expenses, the amount paid and defence costs.

The third edition has been significantly updated and restructured throughout with new features including:

● Chapter 2 considers key cases affecting pre-contract matters including: WISE Underwriting Agency Ltd v Grupo Nacional Provincial; Berkshire Assets (West London) v AXA Insurance UK; and Niramax Group Ltd v Zurich Insurance.
● Chapter 7 looks at the recent case of ARC Capital Partners v Brit Syndicates on the meaning of a “claim” in the context of third-party claims against the assured.
● Commentary on the evolving law on fraudulent claims in light of the Supreme Court decision in Versloot Dredging.
● The ascertainment principle for legal liability cover is given extensive treatment in Chapter 10 with discussion of: Teal Assurance Company v WR Berkley Insurance; AstraZeneca Insurance Co v XL Insurance (Bermuda); Cultural Foundation v Beazley Furlonge; and more.
● The rights of a third-party to claim directly against the insurer are looked at in Chapter 11 with commentary on Rashid v Direct Savings. Recent COVID-19 cases, including Financial Conduct Authority v Arch Insurance, are also considered.
● Chapter 12 has been comprehensively updated in light of the Supreme Court decision in Patel v Mirza to reflect the principle of considering illegality flexibly.

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