The policy covers professional persons or firms for liabilities to third parties arising from professional negligence or that of their employees.
Professional liability arises when a professional fails to perform a duty for the client, for example, a lawyer can fail to file a suit in court on time, or fail to register an opinion to purchase a firm. An architect on the other hand can make a mistake in supervising a building and be liable to the principal in the event of the building collapsing.
Features & Benefits
- The Professional Indemnity Policy covers court judgments awards, defense costs, loss of documents, fees and expenses.
- This policy protects professionals from legal liability for any acts of negligence they may commit in the course of their duty.
- The policy will provide for the costs of defending any action brought against the insured in their professional capacity.
- Under this policy, the insured will be covered against the following:
- Court judgments awards
- Defence costs
- Fees and expenses
- Loss of documents