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    Professional Indemnity Insurance

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    api-364595657
    Professional indemnity insurance, also known as errors and omissions insurance, helps protect professionals and their companies from the costs of defending against negligence claims and paying damages. It covers individuals and organizations in fields like law, engineering, medicine, and accounting. The policy covers breaches of professional duty, defamation, lost documents, and other issues. It pays for compensation, legal costs, settlements, and other expenses from claims. When filing a claim, the insured provides notification and claim forms while the insurer investigates, appoints lawyers, and issues payments.

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    Professional Indemnity Insurance

    Uploaded by

    api-364595657
    618 views2 pages
    Professional indemnity insurance, also known as errors and omissions insurance, helps protect professionals and their companies from the costs of defending against negligence claims and paying damages. It covers individuals and organizations in fields like law, engineering, medicine, and accounting. The policy covers breaches of professional duty, defamation, lost documents, and other issues. It pays for compensation, legal costs, settlements, and other expenses from claims. When filing a claim, the insured provides notification and claim forms while the insurer investigates, appoints lawyers, and issues payments.

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    Professional indemnity insurance, also known as errors and omissions insurance, helps protect professionals and their companies from the costs of defending against negligence claims and paying damages. It covers individuals and organizations in fields like law, engineering, medicine, and accounting. The policy covers breaches of professional duty, defamation, lost documents, and other issues. It pays for compensation, legal costs, settlements, and other expenses from claims. When filing a claim, the insured provides notification and claim forms while the insurer investigates, appoints lawyers, and issues payments.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    618 views2 pages

    Professional Indemnity Insurance

    Uploaded by

    api-364595657
    Professional indemnity insurance, also known as errors and omissions insurance, helps protect professionals and their companies from the costs of defending against negligence claims and paying damages. It covers individuals and organizations in fields like law, engineering, medicine, and accounting. The policy covers breaches of professional duty, defamation, lost documents, and other issues. It pays for compensation, legal costs, settlements, and other expenses from claims. When filing a claim, the insured provides notification and claim forms while the insurer investigates, appoints lawyers, and issues payments.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    Insurance Category: NON-MOTOR INSURANCE

    Insurance Sub-Category: LIABILITY


    Insurance Policy: PROFESSIONAL INDEMNITY INSURANCE
    Policy Summary
    Professional Indemnity Insurance also known as errors & omissions (E&O) Insurance, is a
    form of liability insurance that helps protect professional advice and service providing
    individuals and companies from bearing the full cost of defending against a
    negligence claim made by a client, and damages awarded in such a civil lawsuit. A
    professional is a person who has acquired specialized skills as a result of understanding
    training and as a result, a higher degree of care is imposed on one by the law.

    Client profile
    Any individual or organization that provides professional work and services requires
    Professional Indemnity Insurance. Examples of professionals covered include lawyers,
    valuers, architects, engineers, auditors, medical practitioners, pharmacists, insurance
    brokers, etc.

    Main Features of the Product


    The scope of cover available under this policy includes the following, some of which
    have to be purchased at additional cost:
    Breach of professional duty.
    Defamation.
    Loss of documents.
    Breach of confidentiality.
    Dishonesty.
    Disciplinary hearing.

    Professional Indemnity Insurance usually provides cover for:


    Compensation and/or claimants costs pursuant to an award or judgment
    against the insured
    Settlements negotiated by insurance company and consented to by the insured
    Settlements negotiated by the insured but only with our prior written consent of
    insurance company
    Claim expense
    Inquiry costs

    Documents required for professional indemnity Insurance claims:


    I. Documents/ items required from the Insured
    Claim notification to the Insurance broker/Company to facilitate the
    appointment of a loss adjustor.
    Duly completed Claim form and particulars of the claim and necessary
    evidence
    II. Expected from the Insurance Company
    a. Investigators report or the preliminary reports.
    Appointment of defense lawyers.
    b. Court judgement or out of court agreement
    c. Computations of the compensation payable.
    d. Settlement cheque directly to the third party advocates
    e. Enforcement of subrogation rights, if any.

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