A Jersey insurer is urging companies to review their professional indemnity insurance policies to ensure it has the cover in place in the face of new and emerging threats, including cyber attacks.
Rossborough’s reminder follows the release of the JFSC Professional Indemnity Insurance Review Results 2017.
The insurer’s Head of Corporate and Professional Risks, John Lowery, said: “The JFSC professional indemnity insurance results highlight the importance of understanding that every client has different needs in terms of liability limits and coverage. The Codes of Practice are only guidelines of minimum requirements and should not be the foundation of the insurance policy.”
“There has been an on-going evolution of new risks such as cyber and its associated crime, which have resulted in businesses facing new and intricate threats that could have serious implications to the cover provided by professional indemnity and other insurance programmes. The challenge faced by the insurance industry is how to best manage these new risks.”
“It is important to ensure cover is adequate when the traditional standalone professional indemnity policy, which is typically operated on a civil liability or negligence basis, may no longer be suitable to respond to these modern threats.”
Insurers are continually updating policy wordings meaning regular reviews by a company’s broker and risk officer are vital.