The PII Sandbox guidance sets out how IPReg will exercise its discretion to grant a waiver of our Professional Indemnity Insurance (“PII”) requirements to those entering the PII Sandbox.
All attorneys and firms who offer patent and trade mark services to the public must have in place PII that is commensurate with the risks presented by their business and which meet IPReg's minimum terms and conditions ("MTCs").
The insurers that meet IPReg's MTCs are:
- PAMIA Limited
- Allianz Global Corporate & Specialty SE
We are open to other insurers signing an agreement to become a participating insurer.
The Minimum Terms and Conditions for the indemnity year 2021-2022 have been updated from the previous version (in force since 2016-2017) to include express wording affirming cover for claims made as a result of a Cyber Act or Cyber Incident (as defined in the Minimum Terms of Conditions). See new clause 1.1.7 and added exclusions at clauses 6.5 and 6.6. These changes are necessary because of the regulatory obligation on insurers to be clear about whether they do, or do not, provide cyber insurance under their PII policies. PAMIA’s Terms of Cover for 2021-2022 have been similarly updated. We view that the changes ensure no loss of or reduction in the scope of cover under the Minimum Terms and Conditions.