An ACS Certified Professional is someone who has been judged by his or her peers as being a professional practitioner in ICT, that is in having a special skill, which can be relied upon by another. Consequently, the law requires that the professional exercises the required skill to an appropriate level expected by the client. Failure to provide the appropriate advice may result in financial loss or damage arising from a mistake or failure by the professional.
Professional Indemnity Insurance is a form of liability insurance. It indemnifies ICT Professionals for legal liability to their clients and others who rely on their professional advice.
The Australian Computer Society holds an umbrella liability insurance policy which provides safeguard for all financial members earning less than $25k per annum in ICT consultancy fees.
The policy includes the following limits of liability:
- Errors & Omissions Liability Insurance (Professional Liability) $10,000,000
- General Combined Liability Insurance (Public & Products Liability) $20,000,000
At the point where ACS financial members will exceed $25k of consultancy fees, members are able to access great prices through our Insurance Brokers, Insurance House. Certified Professionals can also save up to 30% off the price of the insurance.
The following are key additional features provided by Insurance House and tailored to the ACS IT PI Policy:
- Nil Excess payable in an event of a claim under Profession Indemnity, Public Liability or Cyber Insurance
- Free Cyber Insurance Extension worth $250k to all ACS members
- Automatic $20 million Public and Products Liability Insurance built it PI
- Free contractual agreement service provided by Liberty International Underwriters
- Minimising insured’s risk and exposure against potential claims
- Defence costs paid in advance by Liberty prior to the final resolution of a valid claim
- Free Risk Management advice by an Insurance House specialist broker to help ACS members identify and evaluate potential hazards and offer appropriate recommendations to reduce IT liability risks
- Tailored ACS IT PI policy wording cover, of which Liberty IT policy covers both the performance of Information Technology Services and the provision of Information Technology Products. Both expressions are broadly defined which expands the scope of cover and reduces the potential for disputes over whether a claim involves a ‘service’ or a ‘product’
To find out more information about IT PI Insurance product, please contact Member Services.