Policy Wording effective 1 July 2026

How is the PI policy structured under the PI Program?

The policy is structured as a single Master Policy that sets out the terms of the insurance which has been agreed between the insurer and AICNSW on behalf of all the licenced conveyancers in New South Wales, along with a Contract of Insurance which includes the full policy terms, conditions and applicable exclusions.

The Master Policy authorises Austbrokers SPT to issue individual Certificates of Insurance to each conveyancing practice which confirms the limit of indemnity, the excess and other important information.

The PI policy wording for the 2026/27 policy period and a sample Certificate of Insurance can be found via the following links: 

AICNSW Conveyancers PI Wording 2026

AICNSW Conveyancers PI Certificate of Insurance 2026

What is the limit of indemnity under the PI Program?

The limit of indemnity applicable to each conveyancing practice is $5m any one claim, during the policy period, after an excess is paid by the practice.

If the $5m limit is exhausted during the policy period by a single or several separate claims, then the limit is reinstated again for another $5m limit to pay for subsequent claims. Therefore, the total aggregate limit for all claims during the policy period is $10m.

If the total amount of compensation and claimant’s costs exceeds the limit of indemnity, then your defence costs are paid in addition to the limit. This is commonly termed a ‘costs exclusive’ or ‘costs in addition’ limit of indemnity.