Professional Indemnity, which is very useful for professionals like you working hard & honestly. Professional Indemnity Insurance cover provides protection for the company and its subsidiaries for claims brought in respect of negligent acts, errors or omissions in the performance of professional services. The policy is meant to pay for defence expenses and damages and includes amounts that the insured is legally required to pay because of judgments, arbitration awards or the like rendered against the insured, or for settlements negotiated in accordance with the coverage afforded by the policy.
This policy is meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional service. The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable.
The policy is meant for professionals. 'Professional Indemnity' policies issue to the following group of professionals
Doctors and medical Practitioner - which covers registered medical Practitioner like physicians, surgeons, cardiologists, pathologists etc.
Medical establishments - which covers legal liability falling on the medical establishment such as hospitals and nursing homes, as a result of error or omission committed by any named professional or qualified assistants engaged by the medical establishment.
Engineers, architects and interior decorators.
Lawyers, advocates, solicitors and counsels.
Chartered accountants, financial accountants, management consultants.
The policy covers all sums, which the insured professional becomes legally liable to pay as damages to third party in respect of any error and/or omission on his/her part committed whilst rendering professional service. Legal cost and expenses incurred in defence of the case, with the prior consent of the insurance company, are also payable, subject to the overall limit of indemnity selected.
Only civil liability claims are covered. Any liability arising out of any criminal act or act committed in violation of any law or ordinance is not covered.
Any criminal act or any act committed in violation of any law or ordinance.
Services rendered while under the influence of intoxicants or narcotics.
Any third party public liability.
Any condition caused by or associated with AIDS.
Rising out of all personal injuries such as libel, slander, false arrest, wrongful eviction, wrongful detention, defamation, etc. and resultant mental injury, anguish or shock.
Infringement of plans, copyright, patent, trade name, trade mark, registered design.
Assumed by the insured by agreement and which would not have attached in the absence of such agreement.
Deliberate, willful or intentional noncompliance of any statutory provision.
War and nuclear perils.
Non-compliance with technical standards commonly observed in professional practice, laid down by law, or regulated by official bodies.
Loss of pure financial nature such as loss of goodwill or loss of market.
Any dishonest, fraudulent criminal or malicious act or omission.
Fines, penalties, punitive or exemplary damages.
Professional services rendered by the Insured prior to the Retroactive Date in the Schedule.
Deliberate conscious or intentional disregard of the insured technical or administrative management of the need to take all reasonable steps to prevent claims.
Injury to any person under the contract of employment or apprenticeship with the insured their contractor(s) and/or Sub-Contractor(s) when such injury arises out of the execution of such contract.
In Professional Indemnity Policy, the sum insured is referred to as Limit of Indemnity. This limit is fixed per accident and per policy period, which is called Any One Accident (AOA) limit and Any One Year (AOY) limit respectively.
