Premiums, terms and excesses

The newly formed Intellectual Property Regulator (“IPReg”) has recommended that all practitioners have a level of insurance cover commensurate with the value of work they do. 

PAMIA’s Members include individual practitioners, small firms and major city operatives. Each can choose the level of professional indemnity insurance that suits their particular needs:

• The minimum limit of professional indemnity cover offered by PAMIA is £250,000.
• The maximum limit of cover offered by PAMIA is £5,000,000.

PAMIA offers cover on ‘an each and every claim’ and ‘an aggregate basis’. Thomas Miller can also arrange higher limits of cover through its partnerships with established brokers.

Terms of cover

The full terms of the cover are set out in PAMIA’s Rules which can be found on our Downloads page.

Excesses

Members can opt for lower or higher excesses, which will result in a different level of premium. The excess is only applied to claims payments, and is not applied to notifications or advice, which are all a complimentary part of the service.

• The minimum excess under the policy is £500 per claim.
• The maximum excess under the policy available to new Members is usually £7,500 per claim. PAMIA will consider specific requirements outside of these limits. 

Premiums

Each Member’s premium will differ depending on the factors above, the size of the practice and the type of work undertaken.

Each Member’s premium is calculated in accordance with a common rating structure, which takes account of individual fee income and the nature and level of cover they require.

To get a quote, you must apply using the Membership Application Form which is available from our Downloads page.