Professional Indemnity – policy structure

PI product structure

The PI policy includes the following components:

• Title
• Recital clause (or preamble)
• Operative (or Insuring) clause
• Extensions
• Schedule
• Sum insured (a component of the Schedule) Exclusions
• Conditions
• Definitions
• Endorsements
• Attestation (or Signature) clause

They all need to be read in conjunction with each other. A broad Operative clause can soon be shortened by many exclusions and conditions.