Cover offered
PAMIA provides professional indemnity insurance which is tailored to meet the requirements of patent and trade mark attorneys. The full terms of the cover are set out in PAMIA’s Rules (143kB PDF file).
One of the factors which sets PAMIA apart from commercial insurance companies is that the Board has the power to accept claims by members even if they do not strictly fall within the specified risks set out in the Rules. Furthermore, cover is not automatically avoided if a member fails to comply with the claims notification requirements and the policy is not avoided in the event of innocent non-disclosure or misrepresentation when cover is renewed.
Limits of Cover
The minimum limit of cover offered by PAMIA is £250,000.
The maximum limit of cover offered by PAMIA is £5,000,000.
PAMIA offers cover on both an each and every claim and an aggregate basis.
Excesses
The minimum excess under the policy is £500 per claim.
The maximum excess under the policy available to new members is £7,500 per claim.
The excess is only applied to claims payments.
Claims brought in the USA and Canada
The basic cover provided by PAMIA excludes claims brought against members in the courts of the USA and Canada, but otherwise covers them for claims made against them anywhere in the world. However, for an additional premium, members are able to purchase cover for claims made against them in the USA and Canada. The USA and Canada exclusion does not apply to claims brought in courts outside the USA and Canada (except for the enforcement of judgments entered in those jurisdictions) by clients based in the USA and Canada.