Professional Indemnity Insurance Policy

The purpose of professional indemnity policy is to protect the professional man against his legal liability to pay...

The purpose of professional indemnity policy is to protect the professional man against his legal liability to pay damage to the persons who have sustained loss arising from his own professional negligence or that of his employees in the conduct of the business.

The policy offers indemnity strictly on a legal liability basis and hence moral liabilities are not covered.

SCOPE OF COVER

The policy indemnifies the insured against all legal liability in respect of acts of negligence, error or omission, committed in the conduct of the insured’s profession during the period of insurance.

EXCLUSIONS

The policy excludes liability falling under:

i. Public liability

ii. Fidelity guarantee

iii. The policy express

iv. Outside territorial limits if the policy

v. Consequential loss

vi. War, invasion, hostilities etc. losses

The policy conditions are similar to those of public and product liability policies.

RATINGS

Before a rate is considered for any professional indemnity risk the underwriter must consider:

i. Total numbers of person actually engaged in the business (partner and staff)

ii. The limit of indemnity selected

iii. The numbers of offices and location

iv. Claims experience of the insured

v. Ages of the partner or experience of the business

vi. Ratio of partner to staff

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