{"node":{"id":"8d4a3e7b-ce79-4493-99a1-f19c576813d2","handle":"8d4a","type":"note","authorName":"PI Insurance","intent":"learning","title":"PI glossary (piinsurance.com.au/glossary/)","aiSummary":null,"content":"The words you will meet in a PI policy, quote or contract, in plain English, with what each one means for you.\n\nSource: https://piinsurance.com.au/glossary/, fetched from the preview https://pi-react-4ee768.pages.dev/glossary/ on 10 Nov 2026; site dated 3 Nov 2026. Preview wording, not yet broker-reviewed. General information, not advice.\n\n## How cover works\n\n### Claims made\n\nAlso: claims-made\n\nA claims-made policy covers claims made against you while the policy is in force. It does not matter when you did the work, as long as it was after your retroactive date. Most PI policies work this way.\n\nWhat it means for you\n\nThe policy you hold when a complaint arrives is the one that responds. A gap in cover can leave old work with nothing to claim on.\n\nRead more: What does claims-made mean\n\n### Claims made and notified\n\nAlso: claims-made and notified\n\nA form of claims-made cover where the claim must be made against you and also reported to the insurer in the same policy period. Most Australian PI policies are written this way.\n\nWhat it means for you\n\nTell your broker or insurer about a claim as soon as it arrives, and before the policy ends. Holding on to a letter of demand until after renewal can cause problems.\n\nRead more: What does claims-made mean\n\n### Continuous cover\n\nAlso: continuous cover clause\n\nKeeping PI in place with no gaps. It is also the name of a clause in some policies that can help if you renew with the same insurer and missed telling them about a circumstance by mistake. Not every policy has it, and conditions apply.\n\nWhat it means for you\n\nKeep your policy running without a break while you work. Do not rely on a continuous cover clause to fix something you did not disclose.\n\nRead more: How does professional indemnity insurance work\n\n### Insured and named insured\n\nAlso: named insured\n\nThe insured is anyone the policy covers. The named insured is the person or business shown on the schedule. Policies often also cover partners, directors and employees for work they do for the business, as the wording sets out.\n\nWhat it means for you\n\nCheck that the schedule names the business that signs your contracts. If a client asks to be named on your PI, ask your broker how to answer, because PI policies rarely allow it.\n\nRead more: My contract says I need PI\n\n### Jurisdiction\n\nAlso: USA or Canada, USA and Canada, US or Canada\n\nThe countries whose courts a claim can be brought in, or whose law can decide it, for the policy to respond. Claims brought in the USA or Canada, or under their law, are often excluded unless the insurer agrees to cover them.\n\nWhat it means for you\n\nIf you have clients, projects or a presence in the USA or Canada, tell your broker before you buy. The insurer may agree to cover it, often on different terms.\n\nRead more: What does PI not cover\n\n### Professional indemnity (PI)\n\nAlso: professional indemnity insurance\n\nInsurance for claims that your professional advice, design or service caused someone a financial loss. It pays to defend you, and any compensation you are legally liable to pay, up to the policy limit.\n\nWhat it means for you\n\nIf a client says your mistake cost them money, PI is the policy that responds, as long as the claim is covered.\n\nRead more: How does professional indemnity insurance work\n\n### Retroactive date\n\nAlso: retro date, retroactive dates\n\nThe earliest date of work your policy covers. Work done before it is not covered, even if the claim arrives while you are insured. It is shown on your policy schedule, and some policies have no cut-off date at all.\n\nWhat it means for you\n\nA retroactive date after your first job means claims about that earlier work aren't covered. When you switch insurers, ask them to match your existing date.\n\nRead more: What is a retroactive date and why does it matter\n\n### Run-off cover\n\nAlso: run-off, run off cover, run-off period\n\nPI for someone who has stopped doing new work, for example after retiring, closing a business or becoming an employee. It covers claims made during the run-off period about work you did before you stopped. It does not cover new work.\n\nWhat it means for you\n\nClaims can arrive years after you stop. Many contracts, and some professional bodies, ask you to keep run-off for a set number of years.\n\nRead more: Do I need PI after I stop working, retire or close the business\n\n### Territorial limits\n\nAlso: territorial limit\n\nThe part of the world where your work, or the events behind a claim, must take place for the policy to cover it. Many Australian PI policies cover work in Australia, and some cover more countries. The schedule or wording sets out the area.\n\nWhat it means for you\n\nIf you work overseas or for clients outside Australia, tell your broker so the policy area matches your work.\n\n## Limits and costs\n\n### Aggregate limit\n\nAlso: in the aggregate, aggregate\n\nThe most the policy pays for all claims together in one policy period. Once it is used up, the policy pays nothing more that period, unless the limit is reinstated.\n\nWhat it means for you\n\nMany contracts ask for a limit per claim and in the aggregate. Most standard policies meet that, but some panels ask for more in the aggregate. Check the wording.\n\nRead more: How much PI cover you need\n\n### Costs inclusive and costs in addition\n\nAlso: costs inclusive, costs in addition, costs exclusive\n\nTwo ways a policy treats defence costs. Costs inclusive means they count towards your limit, so less is left for compensation. Costs in addition means they are paid on top of the limit, sometimes only up to a set amount.\n\nWhat it means for you\n\nIf your policy is costs inclusive, a long defence can use up money you need to settle a claim. Ask your broker which one you have.\n\nRead more: How does professional indemnity insurance work\n\n### Defence costs\n\nAlso: defence cost, costs of defence\n\nThe cost of investigating and defending a claim, such as lawyers and expert witnesses. PI pays them for a covered claim, even one with no merit. Policies usually require the insurer's consent before costs are spent.\n\nWhat it means for you\n\nDefence costs can be large even when you did nothing wrong. Check whether your policy pays them within your limit or on top of it.\n\nRead more: How does professional indemnity insurance work\n\n### Excess\n\nAlso: deductible\n\nThe amount you pay towards each claim. Depending on the policy, it can apply to defence costs, to compensation, or to both. It is shown on your schedule.\n\nWhat it means for you\n\nKeep enough money aside to pay the excess if a claim comes. A higher excess usually lowers the premium only a little.\n\nRead more: How does professional indemnity insurance work\n\n### GST\n\nAlso: goods and services tax\n\nThe goods and services tax, added to PI premiums at 10%. If your business is registered for GST, you can usually claim a credit for the GST in your premium.\n\nWhat it means for you\n\nAsk your accountant whether you can claim back the GST on your premium.\n\n### Limit of indemnity\n\nAlso: indemnity limit, limit of liability\n\nThe most the insurer will pay under the policy. It is shown on your schedule, usually as an amount per claim and in the aggregate. Depending on the policy, defence costs come out of it or are paid on top.\n\nWhat it means for you\n\nYour contract or regulator usually sets the minimum. Choose at least that, and think about the largest loss your work could realistically cause.\n\nRead more: How much PI cover you need\n\n### Loading\n\nAn extra amount an insurer adds to the premium because something about the risk is higher than usual. That might be the type of work, a past claim or overseas clients.\n\nWhat it means for you\n\nDescribe your work accurately. A vague description can be priced as the riskiest version of that work.\n\nRead more: How much PI insurance costs\n\n### Per claim\n\nAlso: each and every claim, any one claim\n\nA limit that applies to each claim on its own. It is the most the policy pays for any one claim. Related claims, such as several that come from the same mistake, may be treated as one claim under the wording.\n\nWhat it means for you\n\nIf a contract asks for a limit for each and every claim, check that your policy pays at least that much for a single claim.\n\nRead more: How much PI cover you need\n\n### Premium\n\nThe price you pay the insurer for the policy, usually for 12 months. Government charges such as GST and stamp duty are added, and a broker fee may apply.\n\nWhat it means for you\n\nYour premium depends on your work, turnover, limit and claims history. A broker gets real quotes from insurers once they have your answers.\n\nRead more: How much PI insurance costs\n\n### Reinstatement\n\nAlso: reinstate the limit, reinstated\n\nA feature in some policies that restores the limit after it has been used, so there is cover for later claims in the same period. It may apply only once, and often not to claims connected to one already paid. Terms differ between policies.\n\nWhat it means for you\n\nIf you could face more than one large claim in a year, ask your broker whether the policy reinstates the limit, and on what terms.\n\nRead more: How does professional indemnity insurance work\n\n### Stamp duty\n\nA state or territory tax on insurance premiums. The rate depends on the state or territory, and it is shown on your invoice.\n\nWhat it means for you\n\nStamp duty is set by government, not by the insurer or broker. It is part of the total you pay.\n\nRead more: How much PI insurance costs\n\n## Claims\n\n### Claim\n\nAlso: letter of demand\n\nUsually a written demand for compensation, or legal proceedings, brought against you. The policy wording defines exactly what counts as a claim, and some policies include other kinds of demand too.\n\nWhat it means for you\n\nA letter of demand from a client or their lawyer is usually a claim. Pass it to your broker or insurer straight away, and do not reply in detail first.\n\nRead more: A client is threatening to sue. What should I do\n\n### Fee refunds\n\nAlso: fee refund, refund of fees, refunds of professional fees\n\nA demand that you pay back fees the client has already paid you. Many PI policies exclude it, because it is a return of your own income rather than compensation for a loss.\n\nWhat it means for you\n\nDo not offer a refund to settle a complaint without the insurer's consent. It may not be covered, and it can affect your cover for any larger claim.\n\nRead more: How most PI claims start\n\n### Known circumstances\n\nAlso: known circumstance, known problem, known problems\n\nFacts you knew, or should reasonably have known, might lead to a claim before a policy started. A new policy usually excludes claims that come from them.\n\nWhat it means for you\n\nAnswer questions about complaints and mistakes fully when you apply or renew. A known problem you never notified may not be covered by the new policy or the old one.\n\nRead more: What does PI not cover\n\n### Notification of circumstances\n\nAlso: notify circumstances, notifying circumstances, notified as a circumstance, notify it as a circumstance\n\nTelling your insurer in writing about something that might lead to a claim, before any claim is made. It could be a complaint, an unhappy email or a mistake you spot yourself. If you give notice as soon as reasonably practicable and before the policy ends, a later claim from those facts can be covered by that policy.\n\nWhat it means for you\n\nNotify early. If you wait, the problem can become a known circumstance that your next policy excludes.\n\nRead more: A client is threatening to sue. What should I do\n\n### Prior and pending litigation\n\nAlso: pending litigation\n\nAn exclusion for claims that come from legal proceedings started, or under way, before a date set in the policy. It stops a new policy picking up disputes that already exist.\n\nWhat it means for you\n\nTell your broker about any court case, tribunal matter or formal dispute already under way. A new policy is unlikely to cover it.\n\n### Unpaid fees and fee recovery\n\nAlso: unpaid fee, unpaid fees, fee recovery, unpaid invoice, unpaid invoices\n\nMoney a client owes you for your work. PI does not pay it, because a client not paying is a commercial risk, not a claim against you. If the client answers your invoice with a claim that your work was negligent, that claim can be covered.\n\nWhat it means for you\n\nTalk to your broker before you push hard on an unpaid invoice from an unhappy client. Chasing it is often how a claim starts.\n\nRead more: How most PI claims start\n\n## Contracts\n\n### Consequential loss\n\nAlso: consequential losses, indirect loss\n\nLosses that flow indirectly from a problem, such as lost profits, lost revenue or delay costs. Its meaning varies between contracts and court decisions, so contracts often define it.\n\nWhat it means for you\n\nMany contracts exclude consequential loss for both sides. If one asks you to accept it without a limit, have it checked before you sign.\n\n### Contractual liability\n\nLiability you take on because of what a contract says, beyond what the law would place on you anyway. PI covers your legal liability for things like negligence. It usually excludes the extra you agreed to in a contract.\n\nWhat it means for you\n\nBefore you sign, ask a broker to check clauses that make you responsible for more than your own mistakes.\n\nRead more: What does PI not cover\n\n### Design and construct\n\nAlso: design and build\n\nA contract where one party, usually the builder, is responsible for both the design and the construction. The builder often engages its own designers, or takes over the owner's designers by novation.\n\nWhat it means for you\n\nIf you design for a builder under one of these contracts, read your terms closely. They can include fitness for purpose or other promises that PI may not cover.\n\n### Fitness for purpose\n\nAlso: fit for purpose\n\nA promise that your work will achieve a stated result or suit a particular use. The law usually expects professionals to use reasonable care and skill, not to guarantee an outcome.\n\nWhat it means for you\n\nA fitness for purpose promise goes beyond reasonable care, so PI often does not cover it. Ask your broker before you sign a contract that includes one.\n\nRead more: My contract says I need PI\n\n### Indemnity clause\n\nAlso: indemnity clauses, uncapped indemnity\n\nA contract clause where you promise to cover the other party's losses or costs in certain situations. Some go further than the law would, for example covering losses you did not cause, or with no cap. PI may not cover the part that goes beyond your legal liability.\n\nWhat it means for you\n\nLook for words like indemnify, hold harmless and release. These clauses are common and often fixable, sometimes with a short email to the client.\n\nRead more: My contract says I need PI\n\n### Liquidated damages\n\nA fixed amount set in a contract that you pay if something happens, most often a daily amount for finishing late. It is owed under the contract, whether or not the other side can show its actual loss.\n\nWhat it means for you\n\nLiquidated damages you owe only because the contract says so are often not covered by PI. Ask your broker before you agree to them.\n\n### Novated design\n\nAlso: novation, novated\n\nOn some construction projects, a designer starts working for the owner, then the design contract is transferred, or novated, to the builder. The builder becomes the designer's client. Who can claim against the designer, and for what, depends on the contracts and the novation deed.\n\nWhat it means for you\n\nA novated designer can face claims from more than one party. Tell your broker before a novation happens, and have the deed checked.\n\n### Principal\n\nIn a contract, the principal is the party that engages you, often the owner of a project or the client at the top of the chain. In construction it is usually the owner or developer who engages the head contractor.\n\nWhat it means for you\n\nThe principal's contract often sets your PI limit, how long you must keep cover and when you must show a certificate of currency.\n\nRead more: My contract says I need PI\n\n### Proportionate liability\n\nState and territory laws that, for many claims about financial loss or property damage, limit each party to its own share of the blame. They do not apply to personal injury claims, and the rules differ between states.\n\nWhat it means for you\n\nSome contracts try to remove proportionate liability, and some states allow that. If you agree, you could be liable for other people's share, which PI may not cover.\n\n### Subcontractor\n\nAlso: subcontractors, sub-contractor, sub-contractors\n\nA business or person you engage to do part of the work you have agreed to deliver. Depending on the wording, your PI may cover your liability for their work. It does not usually cover the subcontractor's own liability.\n\nWhat it means for you\n\nTell your insurer if you use subcontractors. Check whether they need their own PI, and ask for their certificate of currency.\n\n## Policy wording and documents\n\n### Certificate of currency\n\nAlso: certificates of currency\n\nA short document from the insurer or broker confirming that your policy is in force. It shows the main details, such as the insured, the period and the limit. It is proof of cover, not the full terms.\n\nWhat it means for you\n\nClients and head contractors often ask for one before you start, and again each year. Keep copies, especially for contracts that ask for run-off.\n\nRead more: My contract says I need PI\n\n### Condition\n\nAlso: policy condition\n\nA rule in the policy that you must follow, such as telling the insurer about a claim promptly or not admitting liability. If you break one, the insurer may be able to reduce what it pays, depending on the harm the breach caused.\n\nWhat it means for you\n\nKnow the main conditions before a claim arrives: notify quickly, do not admit fault, and do not settle without the insurer's consent.\n\nRead more: A client is threatening to sue. What should I do\n\n### Endorsement\n\nAlso: endorsements\n\nA change to the standard policy wording that applies to your policy only. It can add cover, remove it or change a term. It is listed on or attached to your schedule.\n\nWhat it means for you\n\nEndorsements override the standard wording, so read them. An exclusion added by endorsement can matter more than anything in the general wording.\n\nRead more: What does PI not cover\n\n### Exclusion\n\nAlso: exclusions\n\nA part of the policy that says what is not covered. Common PI exclusions include known circumstances, injury and property damage, fraud, fines and liability you take on by contract. Some exclusions are added just for you by endorsement.\n\nWhat it means for you\n\nRead the exclusions in the wording and on your schedule. If your work looks close to one, ask your broker in writing before a claim, not after.\n\nRead more: What does PI not cover\n\n### Extension\n\nAlso: extensions, policy extension\n\nExtra cover added to a policy, either built into the wording or added for an extra premium. In PI, examples can include loss of documents, dishonesty of employees or some cyber events. What is included varies widely between policies.\n\nWhat it means for you\n\nDo not assume an extension is included. Check your wording and schedule, or ask your broker.\n\n### Insuring clause\n\nThe part of the policy wording that says what the insurer agrees to cover. For PI it usually covers your legal liability for claims arising from your professional services, made and notified during the policy period. The exclusions and conditions then narrow it.\n\nWhat it means for you\n\nCheck that the professional services on your schedule describe all the work you do. Work outside that description may not be covered.\n\n### Policy schedule\n\nAlso: schedule of insurance\n\nThe page or pages that show the details of your policy. That includes who is insured, the policy period, the professional services covered, the limit, the excess, the retroactive date and any endorsements.\n\nWhat it means for you\n\nCheck your schedule each time you renew. A wrong business name, service description or retroactive date can cause trouble at claim time.\n\n### Policy wording\n\nAlso: policy wordings\n\nThe full legal document that sets out the cover, the exclusions and the conditions. It is the same for everyone who buys that product. Your schedule and any endorsements apply it to you.\n\nWhat it means for you\n\nThe wording decides a claim, not a summary or a website. Read it, or ask your broker to point out the parts that matter for your work.\n\n### Product Disclosure Statement (PDS)\n\nAlso: PDS, Product Disclosure Statement, Product Disclosure Statements\n\nA document an insurer must give for some insurance sold to retail clients. It sets out the cover, the costs and the key terms. Many business PI policies are not retail products, so they may come with a policy wording and no PDS.\n\nWhat it means for you\n\nIf your policy has a PDS, read it with the wording before you decide. If it does not, the policy wording is the document to read.\n\n### Target Market Determination (TMD)\n\nAlso: TMD, Target Market Determination, Target Market Determinations\n\nA document that says who an insurance product is designed for. Insurers must make one for products that need a PDS, so many business PI policies do not have one.\n\nWhat it means for you\n\nWhere a TMD applies, it helps you see whether the product is meant for someone like you. Your broker can point you to it.\n\n## Buying and underwriting\n\n### Appetite\n\nAlso: underwriting appetite, risk appetite\n\nThe kinds of work, business size and risks an insurer is willing to cover. It differs between insurers and changes over time.\n\nWhat it means for you\n\nOne insurer saying no does not mean every insurer will. A broker knows which insurers are looking for work like yours.\n\n### Broker\n\nAlso: insurance broker\n\nAn insurance broker arranges insurance for you. A broker usually acts for you, not the insurer, and can compare policies from different insurers. Brokers must hold a licence or be authorised by someone who does.\n\nWhat it means for you\n\nA broker can explain what a policy covers, help you meet a contract clause and help you through a claim.\n\nRead more: About PI Insurance\n\n### Duty of disclosure\n\nAlso: duty to disclose\n\nBefore you take out, renew, extend or change a business policy such as PI, the law requires you to tell the insurer anything you know, or a reasonable person in your position would know, is relevant to its decision. That includes complaints, mistakes and past claims.\n\nWhat it means for you\n\nIf you do not disclose something relevant, the insurer may be able to reduce or refuse a claim, or in serious cases cancel the policy. If in doubt, tell them.\n\n### Referral\n\nAlso: referred to an underwriter\n\nIn underwriting, a referral is when an application needs a person to review it rather than being accepted on standard terms. It happens when something is outside the usual, such as higher-risk work or a past claim.\n\nWhat it means for you\n\nA referral is normal and is not a decline. It usually means the insurer wants more detail before it offers terms.\n\n### Renewal\n\nStarting a new policy period, usually for another 12 months, when the current one ends. The insurer asks its questions again and can change the premium or terms.\n\nWhat it means for you\n\nRenew before the policy ends so there is no gap. Answer the renewal questions fully, including anything that might become a claim.\n\nRead more: How does professional indemnity insurance work\n\n### Underwriter\n\nAlso: underwriters\n\nThe person at an insurer, or at an agency acting for one, who assesses a risk. They decide whether to offer cover and on what terms.\n\nWhat it means for you\n\nThe underwriter reads your answers. Clear, complete answers usually mean fewer questions and a quicker offer.\n\n### Wholesale and retail clients\n\nAlso: wholesale client, wholesale clients, retail client, retail clients\n\nTerms from financial services law that decide how much protection you get when you buy insurance. For general insurance it depends on who you are and the type of policy. Most business PI is treated as wholesale, but some types, such as medical indemnity, can be retail.\n\nWhat it means for you\n\nRetail clients get extra protections, such as a PDS. Your broker can tell you which applies to your policy.\n\n## Advice, licences and complaints\n\n### Australian Financial Complaints Authority (AFCA)\n\nAlso: AFCA, Australian Financial Complaints Authority\n\nAn independent body that resolves complaints about financial firms, including insurers and brokers. It is free for the person complaining. There are limits on which complaints and what amounts it can consider, including for small businesses.\n\nWhat it means for you\n\nIf the firm does not resolve your complaint, or does not answer in time, you can go to AFCA. Time limits apply, so act promptly.\n\nRead more: Complaints\n\n### Australian Financial Services Licence (AFSL)\n\nAlso: AFSL, Australian Financial Services Licence\n\nThe licence ASIC issues to businesses that provide financial services, including advising on or arranging insurance. Insurers and brokers either hold one or act as an authorised representative of a business that does.\n\nWhat it means for you\n\nCheck that anyone who arranges your insurance holds an AFSL or is authorised under one. The number should be on their website and in their Financial Services Guide.\n\nRead more: About PI Insurance\n\n### Authorised representative\n\nAlso: authorised representatives, corporate authorised representative\n\nA person or business allowed to provide financial services on behalf of a licence holder, who is responsible for them. Simple Insurance is a corporate authorised representative of Metrix Connect, which holds the licence.\n\nWhat it means for you\n\nYou can look up an authorised representative and its licence holder on ASIC's registers before you deal with them.\n\nRead more: About PI Insurance\n\n### General advice\n\nAlso: personal advice\n\nAdvice that does not take into account your objectives, financial situation or needs. Personal advice does consider them. Everything on this site is general information only.\n\nWhat it means for you\n\nThink about whether a policy suits you and read the policy wording before you decide. For advice about your own situation, talk to a broker.\n\n### Internal dispute resolution (IDR)\n\nAlso: IDR, internal dispute resolution\n\nThe complaints process a financial firm must run itself. You complain to the firm first, and it must respond within set time limits.\n\nWhat it means for you\n\nIf you are unhappy with your broker or insurer, complain to them first, in writing if you can. If that does not resolve it, you can go to AFCA.\n\nRead more: Complaints\n\n## Other types of cover\n\n### Cyber insurance\n\nAlso: cyber, cyber cover, cyber extension, cyber event, cyber events\n\nInsurance for losses from hacks, data breaches and other cyber events. It can cover your own costs, such as restoring systems, and claims from others. PI often excludes cyber events unless the policy includes a cyber extension.\n\nWhat it means for you\n\nIf you hold client data or rely on IT systems, ask your broker whether you need cyber cover as well as PI.\n\nRead more: What does PI not cover\n\n### Products liability\n\nAlso: product liability\n\nInsurance for injury or property damage caused by products you sell, supply, make or install. It is often sold together with public liability.\n\nWhat it means for you\n\nIf you supply physical products, check whether your public liability policy includes products liability. PI usually does not cover it.\n\n### Public liability\n\nAlso: public liability insurance\n\nInsurance for injury to other people, or damage to their property, caused by your business activities. It usually covers events that happen during the policy, unlike claims-made PI.\n\nWhat it means for you\n\nIf you visit clients, work on site or have visitors, you may need public liability as well as PI. 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