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Professional Indemnity Proposal Form Template for Hong Kong

This document is a comprehensive Professional Indemnity insurance proposal form designed for use in Hong Kong, complying with the requirements of the Hong Kong Insurance Authority and local insurance regulations. It serves as the primary application document for professional service providers seeking Professional Indemnity insurance coverage, collecting detailed information about their business operations, risk profile, and insurance needs. The form incorporates specific elements required under Hong Kong insurance law and practice, ensuring proper disclosure of material facts and risk assessment information required by insurers operating in the Hong Kong market.

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What is a Professional Indemnity Proposal Form?

The Professional Indemnity Proposal Form is a crucial document used in Hong Kong's insurance market when professional service providers seek professional indemnity insurance coverage. This form serves as the foundation for the insurance contract, gathering essential information about the professional practice's activities, risk profile, and insurance requirements. It is designed to comply with Hong Kong's Insurance Ordinance and related regulations, ensuring proper disclosure of material facts as required by local law. The document is typically used at the inception or renewal of professional indemnity insurance and must be completed by professional service providers seeking protection against claims arising from their professional services. The form includes detailed sections covering business operations, staff qualifications, risk management procedures, and claims history, allowing insurers to accurately assess the risk and determine appropriate coverage terms.

What sections should be included in a Professional Indemnity Proposal Form?

1. Proposer Details: Basic information about the business entity including legal name, address, registration details, and contact information

2. Business Description: Detailed description of professional activities, business structure, and operational history

3. Professional Services: Specific details of all professional services provided, including percentage breakdown of activities

4. Financial Information: Revenue details, fee income, geographical split of business, and financial projections

5. Staff Details: Information about principals, partners, employees, qualifications, and experience

6. Risk Management: Details of quality control procedures, risk management practices, and internal controls

7. Claims History: Disclosure of past claims, circumstances that may give rise to claims, and disciplinary actions

8. Current Insurance: Details of existing or previous professional indemnity insurance coverage

9. Coverage Requirements: Desired limit of indemnity, deductible, and territorial limits

10. Declaration: Signed statement confirming accuracy of information and understanding of duty of disclosure

What sections are optional to include in a Professional Indemnity Proposal Form?

1. Specific Professional Questions: Additional questions specific to certain professions (e.g., architects, accountants, lawyers)

2. Project Details: For firms handling large projects, detailed information about significant past and current projects

3. Overseas Operations: Additional questions for firms with international operations or clients

4. Cyber Security: Questions about IT security and data protection measures, relevant for firms handling sensitive data

5. Subsidiary Coverage: Details of any subsidiaries or affiliated companies requiring coverage

6. Previous Business Activities: For firms requiring retroactive coverage or with complex corporate histories

7. Additional Coverage Options: Questions related to optional extensions like fraud coverage, loss of documents, etc.

What schedules should be included in a Professional Indemnity Proposal Form?

1. Schedule of Partners/Principals: Detailed list of all partners/principals including qualifications and experience

2. Schedule of Activities: Detailed breakdown of professional activities and associated revenue

3. Claims Experience Appendix: Detailed information about past claims or circumstances

4. Risk Management Procedures: Detailed documentation of risk management protocols and procedures

5. Qualification Certificates: Copies of relevant professional qualifications and certifications

6. Fee Income Breakdown: Detailed analysis of fee income by service type and client category

Authors

Alex Denne

Advisor @ 蜜桃传媒AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Hong Kong

Document Type

Service Letter

Cost

Free to use

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