What is Professional Indemnity Insurance?
Professional Indemnity Insurance is a policy that covers you from breach of your professional duty by reason of any negligent act, error or omission.
It also include the cost and expenses incurred with our written consent in the defense or settlement of any claim to which the policy applies.
Doctors must have professional indemnity insurance starting in 2019
What are the covers / benefits provided?
For claims brought against you, your partner or your employee due to your professional negligence.
- Up to the limit of liability in the aggregate of all claims under this policy as per the sum stated in the schedule which you may become legally liable to pay as damages.
- The cost and expenses incurred with our written consent in the defense or settlement of any claim to which the policy applies. However, maximum liability to pay for damages and such costs and expenses shall not exceed the Limit of Liability stated in the schedule.
- Within the Territorial limit and Jurisdiction specified in the policy
What are the major exclusions under this policy?
This policy does not cover any liability whatsoever arising out of:
- Dishonesty of employees
- Bodily injury & property damage to third party
- Pollution
- Insolvency or bankruptcy
- Failure to comply with the time limits
- Claim caused by poor workmanship and/or material
- Libel & Slander
- Loss of Documents
- Liability Assumed
- Fines, penalties, punitive damages or exemplary damages
- Joint Venture Works
- Asbestos
- Toxic Mould
- War and Terrorism
How much premium do I have to pay?
The premium that you have to pay depends on the risk exposure and underwriting requirements such as no of partners and gross annual fees.
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Types of Professional Indemnity Insurance cover available
Most common :
- Doctor
- Architects
- Engineers
- Accountants
- Lawyers
