The purpose of the IGI Professional Indemnity Insurance policy is to protect the Professional person against legal liability, by paying damages to persons who have sustained financial loss arising from the professional's negligence or that of his employee in the conduct of business.
Covering (Summary Only )
Legal Liability for negligent acts, errors and omissions committed by the insured in their professional capacity.
This policy shall not cover claims:
• brought about by dishonest, fraudulent, criminal or malicious acts or omission of the insured or any person at the time employed by the insured
• notified under any previous policy
• made or threatened or in any way intimated on or before the inception date of the policy unless mentioned on the proposal and not excluded by the insurer
• where the incident giving rise to the claim occurred prior to the retroactive date
• in addition, the policy does not cover risks, which are more properly the subject of general public liability
Limits Of Liability
• Breach of warranty of authority committed in good faith
• Loss of documents
• Former partners
• Partner previous business
Basis of Loss Settlement
Principal Conditions / Warranties etc.
• The Insured shall not admit liability for or settle any claim without the written consent of the insurers
• The Insured shall give immediate notice to the insurers of any claim made against them, of receipt of notice of an intention to hold the insured responsible or any occurrence which may subsequently give rise to a claim
• 0.85% - 1.25% (Limit of Indemnity)
• 0.25% - 0.5% (Turnover)