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.