What Is a Professional Indemnity Insurance Certificate of Currency?
A Professional Indemnity Insurance Certificate of Currency is a document that confirms your PI policy is current and in force on the date the certificate is issued.
It is commonly requested by clients, government bodies, licensing authorities, professional associations, head contractors and tender panels before they engage a professional business.
A Certificate of Currency is evidence that you hold active insurance. It is not the full policy wording and does not replace reviewing the policy’s terms, conditions, exclusions, limits or endorsements.
ASIC describes a PI Certificate of Currency as a summary of the policy that is available from the insurer or insurance broker. It may be required when demonstrating that adequate PI Insurance is in place. ASIC guidance
What information is usually on a PI Certificate of Currency?
A Professional Indemnity Insurance Certificate of Currency commonly includes:
The insured person or business name
The legal entity insured, such as a company or sole trader
The insurer’s name
The policy number
The policy period and expiry date
The type of cover held
The limit of indemnity
Sometimes an aggregate limit, excess or other key policy details
The date the certificate was issued
The document should match the business name and legal entity stated in the client contract, tender, licence application or professional registration.
Why do clients ask for a Certificate of Currency?
Clients ask for a Certificate of Currency to confirm that the professional they are engaging has current PI Insurance at the required level.
You may be asked to provide one when:
Signing a client contract
Tendering for government or corporate work
Joining a contractor panel
Applying for, renewing or maintaining a professional licence
Registering with a professional body
Starting work on a project
Working as a consultant, subcontractor or independent contractor
Responding to lender, developer or project-manager requirements
Some regulators also request a PI Certificate of Currency as part of registration or licensing requirements. For example, ASIC requests one from certain credit-licence applicants, and SMSF auditor applicants must provide evidence of the policy under which they are covered. ASIC SMSF auditor guidance
Is a Certificate of Currency the same as a policy schedule?
No. A Certificate of Currency and policy schedule are different documents.
A Certificate of Currency is a concise proof-of-cover document that confirms the policy is current.
A policy schedule contains more detailed information about the policy, including insured parties, limits, endorsements, excesses and insured activities. The full policy wording sets out the actual terms, exclusions and conditions.
For most client-contract purposes, a Certificate of Currency is the appropriate document to provide unless the contract specifically requests something else.
Does a Certificate of Currency prove every claim will be covered?
No. It confirms that a policy is active, but it does not guarantee that a particular claim will be covered.
Whether PI Insurance responds depends on the policy wording and the circumstances of the claim, including:
Whether the professional service is declared and insured
Whether the claim falls within the policy’s scope
The retroactive date
Known-claims or known-circumstances provisions
Exclusions and sub-limits
The policy limit and excess
Claims-made notification requirements
A client should not treat a Certificate of Currency as a substitute for its own contract review or due diligence.
How do I get a PI Certificate of Currency?
You can request a Certificate of Currency from your insurance broker or insurer. It is commonly available after the policy is issued or renewed.
When requesting it, make sure the document correctly shows:
Your current legal entity
Your trading name, where relevant
The appropriate policy period
The PI limit required by your client or contract
Any specific entities that need to be noted
If your business structure, services or policy details change, request an updated Certificate of Currency.
What should I check before giving a Certificate of Currency to a client?
Before sending your Certificate of Currency, check:
The insured name matches your contract.
The policy has not expired.
The PI limit meets the contract requirement.
The services you are providing are correctly declared to the insurer.
The document is current and not from a previous policy year.
You understand any contractual indemnities that go beyond your insurance cover.
A Certificate of Currency proves current cover; it does not fix a mismatch between your contract and your PI policy.
Professional Indemnity Insurance certificates for Australian businesses
A current Certificate of Currency can be essential for securing contracts, meeting licence requirements and demonstrating professional credibility. But the insurance behind it must be correctly structured for the services your business provides.
Clarke Lyons Insurance helps Australian professionals, consultants, contractors and businesses arrange Professional Indemnity Insurance and obtain the documentation they need to demonstrate current cover.
Contact Clarke Lyons Insurance for a tailored PI Insurance quote or Certificate of Currency request.
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