Understanding your policy changes

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Professional Indemnity Policy

• Applicable to policies that renew on or after 1 July 2026

  What?

  We have removed the Loss of Documents automatic benefit, which previously provided cover for loss or damage to documents.

  Why?

  FMG’s Professional Indemnity policy is primarily designed to cover your civil liability relating to advice, completing design work, or other conduct related to your professional business. To better align with this intent, cover for loss or destruction to documents is being removed.

  When?

  This change affects all policies renewing on or after 1 July 2026.

  Page and Clause	What has changed?	Why has it changed?
  Page 9, Clause 2.3 – We cover you for loss due to employee fraud or dishonesty.	We’ve introduced a definition for money. We’ve added an exclusion for fire damage to money and other property.	To better align with the intent – which is to cover your civil liability and cost exposures relating to advice, completing design work or other conduct related to your business operations.
  Page 9, Clause 2.4 - We cover your liability due to an employee's criminal, fraudulent, or dishonest conduct. Page 22, Clause 8.11 - We will deduct amounts from claim payments due to employee fraud or dishonesty. Page 26 - Definitions of Money and Negotiable Instruments.	We’ve introduced definitions for money and negotiable instruments.	To clarify what is covered under the policy.
  Page 11, Clause 2.13 – We cover loss of documents Page 16, Clause 5.17 – There is no cover for property loss Page 26, Definition of Documents.	Cover for loss, damage or destruction of documents has been removed.	To better align with the intent of the product – to cover your civil liability related to the conduct of your professional business.
  Throughout the policy.	We’ve updated policy clause numbering.	To align with the updated policy wording.