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Professional Indemnity Proposal Form

Professional Indemnity Proposal Form Template for Ireland

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Key Requirements PROMPT example:

Professional Indemnity Proposal Form

"I need a Professional Indemnity Proposal Form for my Dublin-based software development company with 50 employees, focusing on financial technology clients and handling sensitive financial data, with coverage to start from March 2025."

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Document background
The Professional Indemnity Proposal Form is a fundamental document used in the Irish insurance market for businesses seeking professional indemnity coverage. It serves as the primary means of risk assessment for insurers and forms the basis of the insurance contract. The form must be completed by any professional service provider seeking protection against claims of professional negligence, errors, or omissions in their service delivery. The document complies with Irish insurance regulations and data protection laws, collecting comprehensive information about the business's activities, risk management procedures, claims history, and desired coverage levels. This information enables insurers to evaluate the risk profile accurately and provide appropriate coverage terms.
Suggested Sections

1. Proposer Details: Basic information about the business/individual seeking insurance, including legal name, address, registration details, and contact information

2. Business Activities: Detailed description of the business operations, professional services provided, and geographical scope of operations

3. Financial Information: Revenue details, fee income, geographical split of revenue, and largest contracts

4. Risk Management: Information about quality control procedures, contract management, and risk mitigation measures

5. Claims History: Details of past claims, circumstances that could lead to claims, and any current insurance arrangements

6. Cover Requirements: Desired level of coverage, limits of indemnity, and any specific coverage extensions required

7. Staff Information: Details of qualified staff, experience levels, and professional qualifications

8. Declaration: Statement of truth and accuracy of information provided, signed by an authorized representative

9. Data Protection Notice: Information about how personal data will be used, stored, and protected in compliance with GDPR

Optional Sections

1. Cyber Security Measures: Required for businesses handling sensitive data or providing IT services, detailing cyber security protocols and data protection measures

2. Contractors/Subcontractors: Needed if the business uses contractors or subcontractors, including details of their work and insurance arrangements

3. International Operations: Required for businesses operating across multiple jurisdictions, including details of overseas work and applicable regulations

4. Professional Memberships: Relevant for regulated professions, including details of professional body memberships and compliance requirements

5. Previous Insurance History: Optional section for detailed insurance history including any declined coverage or special conditions

Suggested Schedules

1. Schedule of Named Insureds: List of all entities to be covered under the policy, including subsidiaries and trading names

2. Claims Experience Appendix: Detailed breakdown of claims history and circumstances for the past 5-10 years

3. Revenue Breakdown Schedule: Detailed analysis of revenue by service type, client type, and geographical location

4. Qualification Schedule: List of key staff members and their professional qualifications

5. Risk Management Procedures: Detailed documentation of risk management protocols and quality control procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Relevant legal definitions
Proposer
Professional Services
Indemnity Period
Limit of Indemnity
Excess/Deductible
Retroactive Date
Claims Made Basis
Circumstances
Claim
Material Facts
Professional Duty
Employee
Partners/Principals/Directors
Gross Fee Income
Territory
Jurisdiction
Subsidiary
Associated Entity
Prior Acts
Defense Costs
Breach of Professional Duty
Documents
Intellectual Property Rights
Risk Management Procedures
Qualified Staff
Professional Body
Proposal
Statement of Fact
Data Protection Laws
Gross Turnover
Sub-contractors
Insurance Period
Policy Schedule
Professional Activities
Relevant Industries

Legal Services

Accounting and Financial Services

IT and Technology Services

Architecture and Engineering

Management Consulting

Healthcare Services

Real Estate Services

Marketing and Advertising

Business Advisory Services

Education and Training

Environmental Consulting

Construction Design

Relevant Teams

Legal

Risk Management

Compliance

Finance

Operations

Executive Leadership

Insurance

Administrative

Professional Services

Quality Assurance

Relevant Roles

Risk Manager

Compliance Officer

Managing Director

Chief Executive Officer

Chief Financial Officer

Legal Counsel

Practice Manager

Operations Director

Company Secretary

Professional Services Director

Insurance Manager

Business Development Manager

Industries
Insurance Act 1936: Fundamental legislation governing insurance contracts in Ireland, setting out basic requirements for insurance agreements and regulatory framework
Central Bank (Supervision and Enforcement) Act 2013: Establishes regulatory requirements for insurance providers and intermediaries, including requirements for proposal forms and client documentation
Consumer Insurance Contracts Act 2019: Modern legislation governing insurance contracts with consumers, including duties of disclosure and fair presentation of risk
General Data Protection Regulation (GDPR): EU regulation governing the collection and processing of personal data, crucial for the data collection aspects of the proposal form
Data Protection Act 2018: Irish implementation of GDPR, providing specific national requirements for data protection
European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004: Relevant if the proposal form is to be used in distance selling of insurance services
Consumer Protection Code 2012: Central Bank of Ireland's code setting out requirements for financial services providers, including insurance providers, in their dealings with customers
Criminal Justice (Money Laundering and Terrorist Financing) Act 2010: Relevant for customer due diligence requirements that might need to be incorporated into the proposal form
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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