Provides cover against legal liability to professionals that arises out of professional negligence act, error or omission made by them in the course of their work.
The cover protects businesses against claims for loss or damage made by the clients or third parties if a professional makes mistakes or is found to have been negligent in some or all the services offered in good faith by:
The insured
Any employee
Any agent
Predecessors and any other person, firm or company acting jointly with the insured
Legal expenses are also covered which may include the cost of pursuing legal action or defending the business against legal action taken against them.
Professionals who can be covered under the policy includes
Accountants
Architects
Engineers
Lawyers
Doctors
Insurance Brokers
Surveyors
Auctioneers
Estate Agents
Valuers
Auditors
Actuaries
Features
The professional indemnity has to be issued after completion of proposal form.
The cover is normally issued on claims made basis meaning that the policy will only cover claims that are made while the policy is in force