Did You Know? Changes to Industry Standards for Professional Indemnity Insurance
The Psychology Board of Australia published its revised professional indemnity insurance (PII) registration standards on July 31, 2019. The revised PII standard commenced on Dec 1, 2019, replacing the existing standard and applying to initial and renewal applications. Revisions attempt to recognise that appropriate cover may vary between registrants according to the nature of their professional practice.
The revised standard no longer specifies a minimum amount of PII needed for psychological practice (previously $2 million).
The revised standard no longer specifies a minimum length for ‘run-off’ cover for matters arising from previous psychological practice (previously 7 years).
Will it apply to me?
The revised standard applies to all registered psychologists and provisional psychologists. It does not apply to psychologists with non-practising registration.
What do I need to do?
- Registrants need to complete an objective self-assessment to acquire insurance adequate to your industry, service users & level of risk.
- Obtain advice from your insurer about adequate and appropriate PII that meets your legal responsibilities and level of risk.
- Find further information on the Psychology Board of Australia’s Registration Standards page under Professional Indemnity Insurance.
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