While it is not compulsory for lawyers in New Zealand to hold Professional Indemnity Insurance, it is recommended. Rule 3.4(b) of the Lawyers and Conveyancers Act (Lawyers: Conduct and Client Care) Rules 2008 requires a law practice to disclose its Professional Indemnity Insurance (PI Insurance) arrangements to its clients, including where PI Insurance is not held.
Chris Patterson Barrister Limited currently hold PI Insurance with QBE Insurance (Australia) Limited. The current policy limit of indemnity is NZ$1 million for any one claim and NZ$2 million in the aggregate (with an excess of $25,000 for each and every claim).
The current “minimum standards” specified by the New Zealand Law Society applicable to a practice is NZ$1.2 million of cover for any one claim. We are not obliged to hold PI Insurance which meets the New Zealand Law Society standards.
If you would like further information about Chris Patterson Barrister Limited's PI Insurance, please contact Suzette Nightingale suzette@patterson.co.nz.