Professional Indemnity Insurance for law firms and lawyers
The Professional Indemnity Insurance (“PII”) scheme for the Malaysian Bar was introduced in 1992. Obtaining PII is mandatory for all Malaysia law firms and lawyers under Section 78A of the Legal Profession Act 1976 (LPA). The amendment in 1992 sets out the provisions for the Bar Council to maintain a mandatory PII scheme.
The Malaysian Bar PII Scheme insures lawyers in Peninsular Malaysia from civil liability arising from legal work, requiring a minimum Mandatory Limit of Indemnity of RM250,000 up to RM2,000,000, based on the number of lawyers in the insured legal practice.
Ensuring sufficient Professional Indemnity Insurance coverage with top-up cover
It is important to ensure you have sufficient limit of indemnity whether it’s the minimum requirements set by your client or based on your own risk assessments. To avoid financial consequences, it is vital to review your existing coverage against the likely claim amounts.
Find out more about Marsh’s Top-up PII Cover.