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| Insurance >> Professionals >> Professional Indemnity |
| Suitability |
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| Professional Indemnity is generally granted to professionals such as Medical practitioners, Surgeons, Architects, Lawyers, Chartered Accountants etc. |
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| Salient Features |
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- This policy is designed for individual professionals only
- Policy indemnifies the legal liability of the insured person or his named assistants against claims arising out of the professional service rendered, caused by or alleged to have been caused by error, omission or negligence in their service
- The limit of liability can be selected by the insured
- Indemnity limit for any one accident could be 25% of the annual limit. In other words only four claims are admitted per year
- If the policy is taken by a group of professionals or clubs, group discount is allowed depending upon the number in the group
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| Benefits |
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- This being a legal liability policy, the claim amount payable is the amount of compensation awarded by a court of law.
- In addition, the claimants' costs and expenses in defending a claim are also payable in agreement with the Insurance Company
- There is also provision that the defense of a lawsuit for damages can be taken over and conducted by the insurers themselves as they are ultimately responsible for the outcome
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| Other Conditions |
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- Notification extension clause: Insured can notify any impending claim even before the affected parties prefer any claim. However the time limit for actual preference of a claim, in writing, by the affected parties is governed by the Indian Limitations Act
- Extended claim reporting clause: A claim arising during the policy period but reported 90 days after the expiry or cancellation of the policy, is a claim filed in good time
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| Requirements |
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| Completed proposal claim form furnishing full details of services rendered and names of the assistants working under the insured. |
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| Recommendations |
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- As the medical profession is brought into the ambit of Consumer Disputes Act, it is all the more necessary that medical practitioners should be covered by a professional Indemnity policy
- Similarly, Lawyers, Architects, Engineers, Chartered Accountants etc. can avail of this policy to take care of any legal liabilities arising out of their professional service
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