Changes to the Professional Indemnity Insurance Regulations 2024
Amendments to the Professional Indemnity Insurance (PII) Regulations 2024 which came into effect from 3 March 2025.
The key amendments that licensees must familiarise themselves with include:
The introduction of Certificate of Compliance
This is a certificate that will be completed by authorised Insurance Brokers or Insurance Companies. In addition to the full PII policy documentation, licensees will be able to request their broker to complete a "Certificate of Compliance" affirming their PII policy, is in full compliance with the amended PSRA PII Regulations. Where a licence holder/applicant requests their broker or insurance company for a "Certificate of Compliance", the licensee/applicant may submit this certificate as part of their compliance documentation, affirming the licensee/applicant holds and has current PII insurance in place. The PSRA may at any time request that the licensee/applicant to submit the full PII policy to the PSRA.
Editable PDF versions of these Certificates of Compliance can be found below.
Regulation 6: Minimum level of cover – Increases to €1 million.
Changes in indemnity limits – changing from a minimum level of cover of €500,000 to a new minimum level of €1,000,000 (defence costs excluded and in addition to minimum PII limits)
Regulation 4: Maintenance of Professional Indemnity Insurance
The PSRA can request evidence of your PII policy/Certificate of Compliance at any time and this must be submitted within 14 days of the request
Regulation 8: Insurance cover following Cessation of Trading
This Regulation is moving away from the need for mandatory seven years run off cover. On ceasing to trade, licensees are required to make all reasonable efforts to ensure that they are covered for any potential claim that could arise after they cease to trade and providing property services. The onus will be on the licensee to assess the risk of potential claims arising post cessing to trade and following that analysis put in place a sufficient level of insurance cover.
Regulation 7: Self-Insured Excess
Changes in the wording for self-insured excess – the licensee must ensure they have the capacity to pay any agreed self-insured excess in relation to each and every claim.
Regulation 11: Transitional arrangements
This Regulation ensures that the changes that come into effect from 3 March 2025 only effect each licensee from their next renewal date for PII.
For example, if a licensee renews their PII on 7 January 2025, (prior to 3 March 2025 – (commencement date of these regulations) they will not be required to amend their PII policy to bring it in line with the new Regulations until they next renew their PII policy on 7 January 2026.
NOTE: Every licensed business should ensure that it always has sufficient PII cover.
PII Compliance Certificates: Important – Please Read Before Completing
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