ADVISOR AND CONSULTANT
This policy is meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional service.
The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable.
Group policies can also be issued covering members of one profession. Group discount in premium is available depending upon the number of members covered.
The policy covers all sums which the insured professional becomes legally liable to pay as damages to third party in respect of any error and/or omission on his/her part committed whilst rendering professional service. 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.
Who can take the policy?
The policy is meant for professionals. 'Professional Indemnity' policies to the following group of professionals:-
WHY MY CLAIM GOT REJECTED?
Inflated and fraudulent claims. Don’t inflate your claims. Most policies carry a forfeiture clause, so if you are caught out, you may have to forfeit all benefits under the policy – in other words, the insurer is entitled to repudiate the entire claim,
PROFESSIONAL IDEMNITY INSURANCE
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