Professional Indemnity Insurance Policy

Professional Indemnity policy covers all sums which the Insured becomes legally liable to pay as damages in respect of bodily injury and/or death caused by or alleged to have been caused by error, omission or negligence on the part of the Insured whilst rendering professional service arising out of claims first made in writing against the Insured during the policy period, including legal costs and expenses incurred with the prior consent of the insurer, subject always to the limits of indemnity and other terms, conditions and exceptions of the policy. The policy is always issued with a limit of liability and it shall not be permissible to issue any Professional Indemnity Insurance Policy with unlimited liability.

This policy can be issued to Doctors and Medical Establishments, Engineers, Architects, Interior Decorators, Chartered Accountants, Financial Consultants, Management Consultants, Lawyers, Advocates, Solicitors and Counsels. All claims for compensation have to be legally established in a court of law. There are specific conditions attached to professional indemnity policies issued to professionals in the various profession as narrated above.

EXCLUSIONS- The policy shall not cover the following liability arising out of –

• Any criminal act or any act committed in violation of any law or ordinance
• Services rendered while under the influence of intoxicants or narcotics
• Any Third Party Public Liability
• Any condition caused by or associated with AIDS
• Assumed by the Insured by agreement and which would not have attached in the absence of such agreement.
• Deliberate, willful or intentional noncompliance of any Statutory provision.
• Non-compliance with technical standards commonly observed in professional practice, laid down by law, or regulated by official bodies
• Loss of pure financial nature such as loss of goodwill, loss of market etc.
• All personal injuries such as libel, arrest, wrongfuleviction, wrongfuldetention,defamation, etc. and mental injury,anguish or shock.
• Any dishonest, fraudulent criminal or malicious act or omission
• Fines, penalties, punitive or exemplary damages.
• Professional services rendered by the Insured prior to the Retroactive Date in the Schedule.
• Deliberate conscious or intentional disregard of the Insured’s technical or administrative management of the need to take all reasonable steps to prevent claims.
• Injury to any person under the contract of employment or apprenticeship with the Insured their contractor(s) and/or Sub-Contractor(s) when such injury arises out of the execution of such contract.
• War and nuclear perils