Beware of Master Policies.
It is important to understand what you are buying when purchasing Professional Indemnity insurance especially if buying from an insurer of insurance broker operating a scheme for a particular profession or industry.
Some insurers and brokers offer insurance cover under Master Policies which have one sum insured for all participants in the policy. This means that you could be sharing this sum insured with as little as 1 or as many as 1000 people which means there might not any cover left if you need to make a claim because of claims that other people have made.
When considering buying Professional Indemnity insurance or its time to renew your current policy make sure that you are not buying a policy with a shared amount of cover. This means that regardless of the number or the value of Professional Indemnity claims lodged by other people your policy limit is unique to you and is only affected by claims that you make on your policy.
