79Minimum standards for professional indemnity insurance—barristers

#### 79 Minimum standards for professional indemnity insurance—barristers 79 Minimum standards for professional indemnity insurance—barristers > > (1) This rule sets out, for the purposes of section 210(1)(b)(i) of the Uniform Law, the minimum standards for professional indemnity insurance in relation to a barrister. > > > (2) Professional indemnity insurance must indemnify the barrister against civil liability incurred while engaging in legal practice as a barrister within Australia. > > > (3) Professional indemnity insurance must provide indemnity for claims actually made and notified during the period of insurance. > > > (4) Professional indemnity insurance must provide minimum coverage of $1.5 million for each and every claim, or each and every loss, inclusive of the claimant’s costs and defence costs, up to a minimum aggregate limit of $4.5 million. > > > (5) Professional indemnity insurance must provide indemnity for a minimum of 7 years for run-off liabilities in the event that the insured dies or ceases to engage in legal practice as a barrister for any reason, other than having the insured’s Australian practising certificate cancelled as a result of disciplinary action. > > > (6) In the case of a claim arising from dishonesty or fraud, professional indemnity insurance must not exclude indemnity of a barrister who was not knowingly involved in or party to the dishonesty or fraud. > > > (7) Professional indemnity insurance need not but may provide indemnity to the extent that the subject matter of the claim entitles a claimant to claim and receive compensation from a fidelity fund, guarantee fund or similar cover provided under jurisdictional legislation. > > > (8) Professional indemnity insurance must provide retroactive cover, except for claims arising out of fraud or dishonesty. However, it is permissible for the insurance to impose a retroactive limitation on cover— > > > > > (a) if the retroactive date is the date the barrister commenced to engage in legal practice as a barrister, or > > > > > (b) if— > > > > > > > (i) the barrister has previously ceased to engage in legal practice as a barrister and is covered for run-off liabilities arising from that prior practice under another insurance policy, and > > > > > > > (ii) the retroactive date is the date the barrister resumed legal practice as a barrister.