Where a management consultancy provides the services of its principal as a director of a client company, and that directorship forms part of the consultancy's business, liability incurred by the director (including for insolvent trading) is incurred 'in the conduct of' the professional services covered by a professional indemnity policy. However, the directorship must be disclosed to the insurer as a matter relevant to the risk. A settlement deed that restricts enforcement of a judgment to insurance proceeds and a security sum does not limit the insurer's liability to the security sum — the judgment debt remains an 'amount payable' regardless of enforcement restrictions.
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