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The criminal defence costs cover provided under professional indemnity insurance may operate in one of two ways: Specified basis The policy specifies the statutes which are covered and will therefore usually pay the defence costs of defending any actions under those statutes regardless of whether there is a professional indemnity claim for compensation to be considered. Unspecified basis The policy covers the defence costs incurred in respect of any statute but only so far as they are related to an outstanding professional indemnity claim. Insurers pay the accused individual the defence costs in order to assist in the defence of the main professional indemnity claim. Some statutes have not only created the right to impose fines and/or other penalties but have created a right for your client to claim compensation from you. That is, the compensation would be payable to your clients under the Data Protection Acts or the Defective Premises Act.
Part 6: Breach of intellectual property & fiduciary duty>
Covered in this guide Part 1: Introduction Part 2: Liability types: Contract Part 3: Liability types: Tort Part 4: Breach of statutory duty Part 5: Specified/unspecified basis
Part 6: Breach of intellectual property & fiduciary duty Part 7: Professional indemnity extras
Download a printable professional indemnity PDF guide