This policy is complimentary for long-term members. It provides Professional Indemnity Insurance for Principals for claims that may arise after you have retired.
The cover is available to all Principals of Member Firms who have fully retired from further practice, and who have held continuous professional indemnity insurance under the LPMS Scheme for not less than five years prior to the date of retirement. The cover also applies to deceased former Principals until two years after the date of death, to protect their estates.
The Complimentary Cover provides any indemnity of $200,000 for any one claim in the aggregate for all claims in retirement.
The policy is subject to a reduced deductible of $2,000 for each and every claim inclusive of costs and expenses.