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Professional Indemnity Policy covers all sums which the Insured becomes legally liable to pay as damages caused by or alleged to have been caused by error, omission or negligence.
Who can take the Policy:
We issue Professional Indemnity Policy to the following group of professionals:
Doctors and medical practitioners.
Engineers, Architects etc.
Chartered Accountants, Cost Accountants, Management Consultants, Lawyers etc.
Scope of Cover:
Professional Indemnity Policy covers all sums which the Insured becomes legally liable to pay as damages caused by or alleged to have been caused by error, omission or negligence on the part of the Insured whilst rendering professional service during the Policy period, including legal costs and expenses incurred with the prior consent of the insurer. The Policy is always issued with a limit of liability and it shall not be permissible to issue any Professional Indemnity Insurance Policy with unlimited liability.
Exclusions:
Any criminal act.
Services rendered under the influence of intoxicants or narcotics.
Any Third Party Public Liability.
Any condition caused by or associated with AIDS.
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, loss of market etc.
All personal injuries such as libel, arrest, wrongful eviction, etc. and mental injury, anguish or shock.
Any dishonest, fraudulent or malicious act.
Fines, penalties, punitive or exemplary damages.
Professional services rendered by the Insured prior to the Retroactive Date in the Schedule.
War and nuclear perils.
