What is indemnity insurance in NZ is insurance that protects professionals and businesses against claims for loss or damage caused by professional negligence or errors. Indemnity insurance in New Zealand, also called professional indemnity insurance, offered by insurers like AIG New Zealand, Vero Insurance, and others, headquartered New Zealand, covers professionals including doctors, lawyers, engineers, architects, consultants, and contractors for claims made by clients for financial loss, injury, or property damage due to professional advice, design, or service that was negligent, incorrect, or failed to meet standards, with coverage including legal defense costs, settlements, and compensation payments, with limits typically $1 million to $5 million per claim and aggregate per year, with retroactive cover for past work. In New Zealand, indemnity insurance is important due to legal environment with negligence claims, with many professional bodies requiring members to have professional indemnity insurance, for example lawyers required by New Zealand Law Society to have indemnity, and construction professionals required for building consents. So indemnity insurance in NZ is professional indemnity insurance protecting professionals against claims for negligence, errors, and omissions causing client loss, covering legal costs and compensation with limits $1M to $5M, required for many professionals including lawyers and engineers, offered by AIG, Vero, and other NZ insurers.
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