Professional Indemnity Insurance / Errors & Omissions Insurance
Scope of Cover
This policy will indemnify the insured against claims for compensation arising out
of a breach of professional duty by way of the negligent act, error or omission
of the Insured during the course of his profession. In addition, the policy pays
the defence cost, subject to maximum the sum insured.
Only those claims which are made against the insured during the policy period are
admissible under the policy.
Main Exclusions
- Matters specific to your business like Investment , breach of Taxation etc.
- Collateral warranties
- Matter Insurable elsewhere
- Deliberate, reckless or dishonest acts
- Pre existing Problems
- War, Pollution and Terrorism
- Asbestos
- Claims Brought by a Related party
- Third Party Liability
- Product Liability
- Consequential Loss (Loss of profit / Trading Loss)
- Non Compensatory payments like Punitive Damages / Fines and Penalties
- Any fees claimed back by a customer of the Assured due to or allegedly due to total
non-performance of the Assured's contractual obligations to that customer unless
such fees form part of a compromise settlement involving a claim for damages.
Premium
Premium depends upon the profession and risk exposure as assessed by the insurer.
Also it depends upon the indemnity limits opted.
For more details, please contact our nearest office.
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