Professional Indemnity
Summary
Professionals like Engineering and other Consultants are ever exposed to legal suits due to the nature of their profession. Court cases against consultants in various fields have resulted in the awarding of huge sums of monies to claimants. In view of which such professionals revert back to takaful companies for protection against legal battles.
The rate chargeable is always applied on basis on the limit of indemnity, turn over and the type of activities in which the participant is involved and is very dependent to the nature of works, risks and exposure involved.
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Covers all sums which the participant becomes legally liable as damages to Third Party in respect of errors and/or omissions on the part of the Insured whilst rendering professional service, arising out of claims first made in writing against the participant during the policy period, including legal costs and expenses incurred with the prior consent of Insurer subject to the Limit of Indemnity and other terms and conditions as per the policy.
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Provides cover of losses from liabilities arising due to third party’s claims for:
Compensatory damages, such indemnity to include claimant’s cost and approved defense costs and expenses.
Bodily injury, material damage or construction damage arising from a negligent act, error or omission committed or alleged to have been committed or omitted (as the case may be) by the Insured during the policy period.
Arise out of the ordinary course of the performance of professional services by the participant.
Negligent act, negligent error or negligent omission which was or may have been or is alleged to have been committed or omitted (as the case may be).
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- Legal defence costs
- Financial loss