Errors and Omission Liability Insurance

Key Feature

Insureds legal liability to pay compensation to third party in respect of financial injury suffered by third party resulting from failure of Insured's product to perform the function or to serve the purpose intended or failure to provide service in accordance with terms and conditions of a contract which is caused by wrongful act to which this insurance applies.

The Policy can be extended to cover certain add on covers at additional premium

Limit of Indemnity on Any One Accident Limit (AOA) and Any One Year Limit (AOY)

Coverage

Errors and Omission Liability insurance Policy primarily covers:

Loss for which Insured becomes obligated to pay because of liability imposed by law or assumed in an Insured Contract, by reason of any Financial Injury arising out of the failure

i. of Insured Product to perform the function or to serve the purpose intended, due to defect, deficiency, inadequacy or dangerous condition in Insured product; or

ii. to perform Insured's Service, in accordance with the terms and conditions of a contract or agreement;

which is caused by a Wrongful Act to which coverage applies and claim for the same is first made against the Insured during the Policy Period and notified to the Insurer during the Policy Period or applicable extended reporting period. No cover is provided under this contract for serial Losses if the first such Loss occurred before retroactive date

It also covers the legal cost and expenses incurred by Insured in defence within the limit of indemnity.

Add On Covers
On payment of additional premium, the following coverage can be opted:

Employee Dishonesty cover

IPR Infringement liability cover

Exclusion
Fines, penalties, punitive and /or exemplary damages

Deliberate, willful non-compliance of statutory requirements

Pollution, Nuclear radiations

Criminal Wrongs, Dishonesty & Fraud

Insured V/s Insured

Bodily Injury and property damage

Adjustment, Inspection, Recall, replacement expenses

Aviation Liability

Failure to provide support

Contractual Liability

Delay in delivery and/or failure to deliver

Prior and Pending Acts/Claims

Intellectual Property Rights (IPR).