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Wednesday, May 25, 2022

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Professional Indemnity Insurance

Concept: To provide indemnity to such professional individuals or firms like architects, accountants, auditors, lawyers, medical practitioners including partners and employees against claims for financial loss or negligence due to failure to exercise the required degree of care and skill expected in the conduct of their profession or business.

Coverage: Insured's legal liability to pay claims made against him for negligent act, error or emission on the part of the insured, his partner or his employees committed in the professional conduct of his or their business. Policy period is usually one year. The policy covers costs and expense incurred by the insured for investigating and defending the claims with the consent of the company, But not exceeding the limit of the liability covered by the company.

Limit of Indemnity: As agreed and specified in the policy. The amount varies according to scope, volume and nature of work. Usually on aggregate limit of indemnity for any one period of insurance. Appropriate limit of indemnity depend on the nature of business.

Premium Rating: Rated on the limit of indemnity selected plus the number of partners and staff, nature of insured's activities, experience, professional exposure and insured’s annual turnover.

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