Professionals Idemnity

SCOPE

The policy is meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional services.

The policy covers all sums which the insured professional becomes legally liable to pay as damages to third parties in respect of any error and/or omission on his/her part committed whilst rendering professional services.

Legal cost and expenses incurred in defence of the case, with the prior consent of the insurance company, are also payable, subject to the overall limit of indemnity selected.

Only civil liability claims are covered. Any liability arising out of any criminal act or act committed in violation of any law or ordinance is not covered.

The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier periods after first inception of the policy, also become payable.

Group policies can also be issued covering members of one profession.

WHO CAN TAKE THE POLICY?

The policy is meant for professionals. In the following groups:

  • Doctors and medical practitioners – which covers registered medical practitioners like physicians, surgeons, cardiologists, pathologists etc.
  • Medical establishments – which covers legal liability falling on the medical establishment such as hospitals and nursing homes, as a result of error or omission committed by any named professional or qualified assistants engaged by the medical establishment.
  • Engineers, architects and interior decorators.
  • Lawyers, advocates, solicitors and counsels and court balifs.
  • Chartered accountants, financial accountants, management consultants.

Exclusions:

  1. Industrial Diseases: This policy shall not provide cover in respect of legal liability for disease or any impediment attributable to a gradually operating cause which does not arise from a sudden and identifiable accident.
  2. Gradual Pollution: This policy excludes liability arising form the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any other water course or body of water. However this exclusion does not apply if such discharge, dispersal, release or escape is sudden or accidental.

Note: The policy will not pay for claims arising out of contractual liability, intentional non-compliance with any statutory provision, loss of goodwill, slander, fines, penalties, libel, false arrest, defamation, mental injury etc.