Italian professional indemnity - compulsory insurance
Italian professionals face liability claims following new law requiring professional indemnity cover.
Markel has been a committed player in the Italian liability market for over a decade and developments in Italian law are making this an increasingly important area, particularly for providers of a wide range of professional advice.
From August 2013 it's been compulsory for all professionals to carry professional indemnity insurance. Any professional with a contractual relationship with a client will be obliged to carry PI cover under the Decreto Del Presidente Della Repubblica, directive n.137, article 5.
The onus will be on professionals to ensure they have adequate cover to protect themselves and their business from all occupational hazards. As well as ensuring that clients are properly compensated for damage caused by professional advice.
The law does not offer any guidance on coverage, requiring only that "the professional is adequately insured for damages resulting from 'professional activity'."
Professionals have a range of potential exposures including civil, administrative, criminal and disciplinary liabilities while cover also includes failure to comply with professional rules.
It may also cover administrative liability and may offer charges, costs and attorneys' fees in the event of criminal proceedings. PI will not cover criminal liability or fraud.
Markel are working to create schemes designed for Italian professional associations for the benefit of their members and can help advise what the insurance requirements are.
Markel has been active in the Italian liability market for well over a decade. Starting in the late 1990s and thanks to our wide experience in the field, we were one of the first Lloyd's syndicates to develop specialist liability products for Italy, covering professional indemnity, public officials and directors and officers.
Markel's products include:
- Professional indemnity for:
- Traditional professional classes
- Intellectual property rights
- Media and libel risks Information & Communication Technology (ICT)
- Directors' and officers' liability (D&O)
- Combined E&O and D&O policies for private equity and venture capital
- Public officials' liability
For more information, contact Davide Balocco