Professional Indemnity is often seen as a complex insurance product. Here we look at some terms used in PI policies.

Civil liability wording – this starts with a broad insuring clause that offers cover for a wide range of liabilities unless specifically excluded

Any one claim – the limit of indemnity applies to each and every claim

Aggregate – limit of indemnity applies across all claims during the policy period

Claims made – the policy covers claims notified during the policy period, irrespective of when the work that led to the claim occurred

Run-off – protects a business against claims after it has ceased trading

Negligence wording – starts with a limited insuring clause, covering claims alleging negligence, and will then often extend cover beyond this.