Professional Indemnity Insurance / Professional Liability Insurance
Professional liability insurance, also called Professional Indemnity Insurance, protects professional practitioners such as Architects, quantity surveyors, home inspectors, Lawyers, physicians, dentist and Accountants against potential negligence claims made by their patients/clients. This coverage focuses on the failure to perform, financial loss and error or omission of the products or services sold. Additional coverage for breach of warranty, intellectual property, personal injury, security and cost of contract can be added.
The primary reason for professional liability coverage is that a typical general liability insurance policy will only respond to a bodily injury, property damage, personal injury or advertising injury claim. But professional services and products can cause claims without causing a bodily injury, property damage, personal injury or advertising injury. Common reasons alleged in making claims on these policies are negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice.
Key Benefits
· Specially designed for requirements of different professionals and professional services
· Exhaustive coverage against different risks
· Provides for legal expenses and cost incurred with the prior consent of the insured
· Hassle free documentation
· Mid-term increase or decrease in the sum insured allowed
Professional Indemnity Insurance Policy provides the following covers:
· Legal liability due to bodily injury or death caused by breach of professional duty by
– The insured
– The predecessors in business of the said firm, if covered
– Any person at any time employed by the Insured or by such predecessors in business in the conduct, by or on behalf of the said firm or such predecessors of any business conducted in their professional capacity
· Payment of defense costs, fees and expenses anywhere in India in accordance with Indian Law
Professional Indemnity Insurance Exclusions
The policy does not cover any claim made against them in respect of:
· 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, copy-right, 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.
· 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
To know more contact on 8693800025.
Regards
Raj
.