All Certificate of Public Practice (CPP) holders, affiliate members and practice entity members must hold PI cover.  
 
Minimum level of cover 
Cost-in-addition cover should be obtained to ensure that legal and other costs of defending and settling claims are covered. Where cost-inclusive cover is held the level of cover required to meet the limitation amount must be increased by 25 per cent. 
 
The limit of indemnity must be the limitation amount as set out in the Institute's liability capping scheme. From 1 July 2009, as your next renewal date, in these states and territories memberswhere a limitation of liability scheme is in place must hold professional indemnity cover of at least $1 million and, where an engagement fee exceeds $100,000, they are required to hold professional indemnity insurance at a multiple of ten times the highest individual engagement fee. 
 
As a limitation of liability scheme is not in place in Tasmania, the minimum sum insured remains $500,000 for the practice. 
 
To determine the minimum limit of PI cover needed to comply with the Institute’s requirements, use this online calculator.  
 
Deductible or excess 
The PI excess must be no more than:

• $10,000 per principal; or
 

• three per cent of gross fee income for the previous financial year; or
 

• five per cent of the total indemnity cover.