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Professional Indemnity
Overview
This is an insurance policy that covers the insured from losses that may result from professional malpractice. It Indemnify a professional in respect of his/her breach of professional duty which may be made against by a third party by reason of any neglect act, error or omission committed or alleged to have been committed. The breach of the professional duty could be by the insured, his/her partners or the employees. The compensation is up to the limit of liability covered. Examples of professionals covered include lawyers, valuers, engineers, auditors, medical practitioners, pharmacists, etc.
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
Professionals who can be covered under the policy includes
- Accountants
- Architects
- Engineers
- Lawyers
- Doctors
- Insurance Brokers
- Surveyors
- Auctioneers
- Estate Agents
- Valuers
- Auditors
- Actuaries
- Legal expenses incurred in defending the insured against the claimant
- Loss of Documents
- Employees dishonesty
- Libel and slander
- Libel and Slander
- Loss of or damage to documents
- Dishonesty of employees
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