Professional Indemnity Insurance 2024

hkast Nov 22nd, 2023

Charterlloyd Insurance Brokers Ltd.

HKAST collaborates with Charterlloyd Insurance Brokers Ltd to provide a Professional Indemnity Insurance package to our Full Members, which protects speech therapists against any unfair allegation of professional misconduct at the hearing of professional association by the support of legal presentation and its associated expenses, which may be a huge sum of cost.

Individual Professional Indemnity Insurance is also mandatory for speech therapists to register for the Hong Kong Institute of Speech Therapists (HKIST).

a) Insurer shall pay, to or on behalf of the Policyholder, the Loss in respect of any civil liability which the Policyholder incurs as a result of any Claim first made and reported to Insurers during the Period of Insurance which arises from any breach of a professional duty of care in the provision of the Professional Services. 

b) Legal costs and expenses: Insurers shall pay reasonable and necessary costs and expenses incurred by the Policyholder in the investigation, defence and settlement of any Claim of coverage a) 

Eligibility: Full Members of The Hong Kong Association of Speech Therapists

Limit of Liability :
HK$10,000,000 for any one claim and HK$40,000,000 in the aggregate inclusive of legal costs and expenses
(the limit above shall be shared by all insured members)

Extensions & Endorsements:

(a) Loss of Documents – sub-limit HK$10 million
(b) Libel and Slander
(c) Amended Definition of Insured (Individual)
(d) Good Samaritan Acts Extension
(e) Prescription Exclusion
(f) Medical and Related Services Exclusion
(g) Inquiries (HK$500,000 per insured member & HK$5 million in aggregate)
(h) Intellectual Property Rights Extension
(i) Fraud & Dishonesty Extension
(j) Continuous Cover

Geographic limit: Worldwide excluding USA and Canada
(*For members who are practicing in places other than Hong Kong, applications will be subject to the insurance company’s approval, the insurance company shall reserve the right to reject or impose additional premium and term*)

Jurisdiction: Hong Kong

Deductible: HK$5,000 for each and every claim

Annual premium, incl. brokerage, fee & IA levy: HK$680 per insured member (Additional premium will be charged for annual income exceeds HK$2 million)

Period of insurance: From 1 January 2024 to 31 December 2024 (Annual)
From 1 July 2024 to 31 December 2024 (Semi-Annual)

Insurer: Liberty Specialty Market

Coverage summary – PI – HKAST 2024

Declaration Form – HKAST 2024 (fillable)