Professional indemnity insurance is a statutory requirement for all barristers in New South Wales. The attorney general, pursuant to section 95 of the Legal Profession Uniform Law Application Act 2014, approves the type of professional indemnity insurance policies, the level of insurance provided by the policies and the terms of the policies which can be offered to the NSW Bar.
For the 2020-21 practising year, the minimum level of PII insurance that a NSW barrister must take out is $1.5 million.
Please note that it remains the responsibility of the individual barrister to satisfy himself or herself as to the content of the policies on offer, the terms and conditions, and the premium applicable to them.
To assist barristers, the Bar Association will publish in table form a comparison of PII policies offered by Aon, Marsh, Suncorp and Pacific Indemnity (available soon).