Condition 3 – Appropriate insurance cover

1. An applicant must, or upon the grant of a licence will, maintain professional indemnity insurance cover that –
(1) is appropriate to the nature and size of the applicant’s business; and
(2) includes cover against negligence, errors or omissions by the applicant, and any liability for the acts of the applicant’s directors, officers and employees, adequate to manage the applicant’s business or intended business effectively and responsibly.