This policy is for professionals who commit errors or omissions while rendering a professional service. The insured is guaranteed a cover for liability failing in the mentioned scenario. The insured is offered a profit of Retroactive period in case of continuous renewal of policy. Here the claims reported in consecutive renewal pertain to an earlier period following the first commencement of policy, and becomes payable.
Group policies can be issued, which over members of one business or profession. Depending on the number of members covered, discount of group in premium will be decided.
The Professional Indemnity policy covers every expense of the insured professional, for which he/she becomes legally liable to pay as damages to third party relating to any omission and/or errors committed while rendering a professional service. Depending on the total limit of indemnity selected, the expenses and legal cost incurred in defence of the case, on prior consent from the insurance company, will also be payable.
Note: Coverage is limited to only civil liability claims. No coverage is offered for any liability issuing out of any criminal act or those in violation of any ordinance or law.