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It’s certainly a good idea, yes, as you are in the business of offering advice which your clients act upon. A professional indemnity policy covers you against claims of negligence, misrepresentation (wrong advice), breaches of confidentiality, and more.
Your liability protection plan
We can tailor your plan to suit your requirements. Your plan will include professional indemnity and management liability, with the option of cyber cover if you choose to include it.
Professional indemnity
We can help to cover you against claims by a third party for negligence or breaches of duty. Choose from various options.
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$2m limit per claim ($6m aggregate)
The aggregate amount is the maximum amount that an insurance provider will pay for all covered claims for a specific insurance product within a specific policy period.
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$5m limit per claim ($15m aggregate)
The aggregate amount is the maximum amount that an insurance provider will pay for all covered claims for a specific insurance product within a specific policy period.
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$10m limit per claim ($30m aggregate).
The aggregate amount is the maximum amount that an insurance provider will pay for all covered claims for a specific insurance product within a specific policy period.
Management liability
Helps to protect you and your team against unintended mismanagement or mistakes.
This includes:
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Directors and officers of your business.
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Corporate liability, statutory liability, employers’ liability and general liability.
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Employment practices (if applicable).
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Crime protection.
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Costs and expenses.
Optional cyber cover
Helps to protect you against the costs of accidental disclosure of information and loss of confidential data caused by cyber-attacks.
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$250,000 per claim and in the aggregate.
The aggregate amount is the maximum amount that an insurance provider will pay for all covered claims for a specific insurance product within a specific policy period.
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$500,000 per claim and in the aggregate.
The aggregate amount is the maximum amount that an insurance provider will pay for all covered claims for a specific insurance product within a specific policy period.
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$1,000,000 per claim and in the aggregate.
The aggregate amount is the maximum amount that an insurance provider will pay for all covered claims for a specific insurance product within a specific policy period.
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Optional extension for Social Engineering fraud.
Illustrative case study
James filed a claim against his barrister and solicitors regarding the legal advice he received in a property dispute with his ex-wife.
James and his ex-wife had a contracting-out agreement, but when James started a new business venture, the Family Court ruled that the shares in this new venture were relationship property. After several appeals, James was ordered to pay his ex-wife $800,000.
James sought to recover this amount, along with legal costs, from his barrister. He claimed that his barrister failed to properly advise him about the risks of litigation and the importance of seeking a settlement. Although his barrister believed they had advised James to pursue an early resolution, they did not document much of their discussions.
Additionally, the barrister did not inform James that he had to make a claim against his solicitors within specified time frames, nor did they disclose a potential conflict of interest involving the solicitor who drafted the disputed document. The barrister also failed to mention that a settlement offer of $600,000 might be possible, which was significantly lower than the $1.1 million offered during negotiations and the $800,000 he was ordered to pay.
The claim that James filed against his solicitor went to mediation, where it was settled for $250,000. The barrister was found personally liable, however their Liability Protection Plan (insurance) covered the settlement, defense costs, the mediator’s fee, and an expert opinion.
This case study is completely fictional and is for illustrative purposes only of when our insurance cover may apply. The case study does not represent any real-life individuals, events or organisations.
Benefits of the Marsh NZBA liability protection plan
The Marsh NZBA liability protection plan offers NZBA members (with a barrister sole practicing certificate) exclusive access to a bespoke insurance package that offers coverage at reasonable rates.
Quasi-judicial costs
We can help to cover you for costs, expenses and compensation related to an investigation by a quasi-judicial body.
Run-off cover at no extra charge
A free extension for run-off cover after you cease practicing. Helps to protect you against future claims related to alleged acts, errors or omissions occurring before you ceased business (eligibility criteria apply).
Defense costs
Includes defence costs for civil liability claims and non-monetary relief claims. We can also help to cover defence costs if you need to appoint external legal counsel.
Additional insurance
Additional benefits including chambers cover, motor vehicle (commercial and private) and financial services such as income protection and business expenses.
Why Marsh?
Why should you choose Marsh to arrange your insurance solutions?
Frequently asked questions
Sadly no. While the NZBA encourages both barrister sole and barrister & solicitor practising certificate holders to be a member of the NZBA, the Marsh NZBA liability protection scheme is only open to NZBA members who have a barrister sole practising certificate.
However, Marsh is here to assist you in finding insurance solutions for barristers & solicitors, as well as non-NZBA barristers. Give us a call to discuss your options!
Management liability covers the management of a business. Professional indemnity, on the other hand, covers the services and advice offered by a business and its employees.
To become a member of NZBA (and join many of your colleagues) join through the NZBA website.
You can opt to protect yourself from cyber-attack – it’s an optional extra to the liability package.
We typically aim to get your insurance sorted in two working days, sometimes faster.
Yes, as your risk profile is lower as a criminal barrister, you are entitled to lower premium options under the scheme.
Related insurance solutions
Public liability insurance
Help protect your business against third party accidents with Marsh public liability insurance - it could be a legal requirement for your business.
Barrister insurance
Your services are valuable. But claims can cost you. We can arrange insurance for barristers to help keep you protected.
Marsh Limited (NZBN 9429040918792)(“Marsh”) arranges the insurance and is not the insurer. This page contains general information and does not take into account your individual objectives, financial situation or needs. For full details of the terms, conditions and limitations of the covers, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh on request. This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage.
LCPA 25/NZ012