Professional Indemnity Cover: Here's Everything You Need To Know

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Professional Indemnity Insurance

It is a type of insurance plan that provides coverage to professionals who offer professional services or advice such as engineers, doctors, lawyers, accountants, consultants, architects, etc.

Insurance

Protection

It gives one the protection against the client-related legal issues and also if the client accuses the policyholder of negligence, breach of duty, errors, or omissions. 

Protection Plan

What It Covers

Plans like this cover legal defense costs, pays for the settlement costs (subject to policy terms) and even investigates the claim made by the client.

coverage

Damages

The policy essentially covers the insured professionals against any damages to a third party in respect of any errors or omissions in the process of rendering professional services.

Insurance, Third-party Insurance, Own Damage

Exclusions

Under the policy, there are exclusions that include instances like a case of a doctor, any criminal act, fines, or penalties are excluded.

Exclusions

Exclusions Continued

Services that are under the influence of narcotics are not covered in the policy.

Exclusion

Procedural Exclusions

Similarly, the coverage can not be provided if the procedure is not done properly at a hospital.

Procedural Exclusions

How Much Cover To Get

The sum that is assured for professional indemnity cover depends upon the profession and risk exposure.

How Much Cover To Get

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