Professional Liability.

Professional Indemnity Insurance

By virtue of their qualifications, persons in the professions carry a high degree of responsibility in law to their clients. They have to measure to standards required by their professions. If the professional fails to measure up to the standards required resulting in loss, the professional may be found liable to reimburse this loss.Professional Indemnity is cover provided to professionals and/or their employees may incur legal liability to third parties for injury or damage arising from professional negligence. The professionals requiring professional indemnity insurance include medical practitioners, lawyers/advocates, surveyors, valuers, property consultants, architects, engineers, auditors, accountants, tax advisors etc against their professional negligence.

The cover provides for the legal liability arising out of breach of professional duty by reason of any negligent act, error, mistake or omission in the rendering or failure to render professional services by the insured in the insured’s capacity as a professional to third parties.

The policy pays the sums which become legally obligated to pay as damages by reason of liability as determined by law. The professional indemnity policy thus covers the professional against the enormous costs of litigation as well as financial damages that may be awarded that the insured may become legally liable to pay arising from breach of duty, by reason of negligent act, error, omission committed during the policy period up to the limit of cover taken up for. It is claims made policy and the act must be committed or allegedly committed by insured and reported to the company while the policy is in force.  The covers caters for all sums which the insured shall become legally liable to pay to any person as compensation,  damages including claimants costs and expenses not exceeding the limits stated in the proposal form in respect of any action brought or counter claims made against the insured for negligence or alleged negligence, carelessness, omission, commission or any act or alleged act or default or alleged default whatsoever of the insured arising out of the business notice of a claim in respect of which has been given to the company during the currency or within the stipulated period after expiry of the period of insurance or cancellation of the policy. The policy may be extended to cover documents entrusted to or property in the custody of the insured or any person thereof, if found destroyed or damaged or lost or mislaid and cannot be found, the underwriter will indemnify the insured against legal liability which the insured may incur in consequence of such documents and costs and expenses of whatsoever nature in replacing or restoring such costs for damaged, destroyed, mislaid or lost property or documents.

Environmental Impairment Liability

The environment impairment liability insurance provides for liability claims following environmental degradation. The policy offers multiple options/extensions to cater for the various environmental insurable risks.

Professional Trustees Liability Insurance

The pension fund trustee liability insurance provides protection for the trustees, the employees, the employer company and the scheme itself in event of claims brought against them. The policy provides cover for settlement on legal action and for the costs of defending the action.