Today, PI insurance has moved from its traditional home and has taken off as specialist class of insurance. The most profound development has been the extension of PI insurance beyond the traditional professions to other advisors and consultants. In addition, traditional professionals have been expanding into other and related sectors : solicitors have been acting as barristers and financial advisers, accountants and auditors have been moving into the highly profitable areas of management and computer consultancy.
Scope of Cover:
Professional Indemnity Insurance protects the professional against legal liability to pay damages to persons who have sustained financial loss arising from their own professional negligence or that of their employees in the conduct of the business.
The policy offers indemnity strictly on legal liability basis. In addition to indemnifying the professional insured against his professional liability, a Professional Indemnity Insurance Policy indemnifies him for defense cost and expenses incurred in respect of claim to which the policy applies
Policy Form:
The cover is granted on a ‘claims made’ basis.
The policy would therefore indemnify the insured against all claims first made during the period of insurance. If a Retroactive date is stated, the policy would cover claims made as a result of negligent act, error or omission committed after the retroactive date.
Extensions:
- Partner's previous business
- Dishonesty of Employees
- Libel and Slander
- Loss of documents
- Retroactive Cover
- Joint Venture Cover
- Newly Created or acquired entity or subsidiary
- Run off cover insured entity or subsidiary
- Estates and Legal Representatives
- Outgoing Principals
- Consultants, Subcontractors and agents
- Intellectual Property
The information provided above is intended as a summary only. For full details of cover, conditions and exclusions please contact us at:
antnetworkerz@gmail.com
engineer2207@gmail.com
+6 (012) 634 9414
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