Professional indemnity insurance policy

  • Buy Professional indemnity insurance policy in India

Professionals are employed with complete trust and faith by clients. Unfortunately, human error cannot be eliminated and hence they are exposed to the risk of claims from clients who have suffered loss due to neglect, error or omission. In  today’s  litigious  world,  claims  can  pose  a  significant  threat  to  the  financial  security  for  a  medical practitioner. The Professional indemnity insurance policy is meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional service or for settlements negotiated in accordance with the coverage afforded by the policy. Professional indemnity helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client.

This policy is meant for following professionals:

  • Doctors and medical practitioners – whice covers registered medical practitioners like physicians, surgeons, cardiologists, pathologists etc.
  • Medical establishments – which covers legal liability falling on the medical establishment such as hospitals and nursing homes, as a result of error or omission committed by any named professional or qualified assistants engaged by the medical establishment.
  • Engineers, architects and interior decorators.
  • Lawyers, advocates, solicitors and counsels.
  • Chartered accountants, financial accountants, management consultants.

Scope of cover

  • The policy covers all sums which the insured professional becomes legally liable to pay as damages to third party in respect of any error and/or omission on his/her part committed whilst rendering professional service.
  • Legal cost and expenses incurred in defence of the case, with the prior consent of the insurance company, are also payable, subject to the overall limit of indemnity selected.
  • Only civil liability claims are covered.

Major Exclusions

  • Criminal acts
  • Acts committed under Influence of intoxicants / narcotics
  • Non compliance with statutory provisions
  • Punitive and exemplary damages
  • Radioactivity

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