Professional Indemnity

Professional Indemnity

Legal Liability

We shall provide Indemnity Clause in respect of compensatory damages which the Insured or other parties appointed by the Insured shall become legally liable to pay in consequence of any actual or alleged neglect, error or omission by or on behalf of the Insured or those for whom the Insured is responsible in the conduct or execution of their Professional Activities and Duties as defined.

Extensions

The indemnity granted shall extend:

  • in the event of the death or legal incompetency of the Insured, to the estate, heirs, legal representatives or assignees of the Insured;
  • to any legal representative of the Insured in the event of the bankruptcy or insolvency of the Insured;

to any person who was or is or may hereafter be a director, officer or Employee of the Insured and such consultants of the Insured in their business capacity in respect of liability arising out of the performance of the Insured Contract

Benefits

The indemnity granted shall extend:
  • In the event of of the death or legal incompetency of the Insured, to the estate, heirs, legal representatives or assignees of the Insured;
  • to any legal representative of the Insured in the event of the bankruptcy or insolvency of the Insured; to any person who was or is or may hereafter be a director, officer or Employee of the Insured and such consultants of the Insured in their business capacity in respect of liability arising out of the performance of the Insured Contract.

Features

The policy covers that the insured is legally liable to pay in consequence of any actual or alleged neglect, error or omission by or on behalf of the Insured or those for whom the Insured is responsible in the conduct or execution of their Professional Activities and Duties as defined.

FAQS

1. Is premium paid at the time of claim? No. Premium is paid at inception of cover. 2. Who should consider Professional Indemnity insurance? Anyone who could be held liable for a client’s misfortune as a direct consequence of their services might want to consider professional indemnity insurance. Chances of this are higher for Legal, Financial and Medical professionals who are required by law to have professional indemnity insurance. It is recommendable for Engineers and Construction professionals as professional indemnity claims could easily arise in these lines of work. 3. What is excluded from the professional indemnity insurance? While the policy is active there are no exclusions. However, if a claim is filed after the policy has expired (may be due to retirement or switch to a new broker) you are typically not covered even if the service resulting in the claim was provided during the policy term. For this reason many professionals retain their policies for years after retirement.