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Professional Indemnity Insurance is a type of insurance that protects professionals and businesses from financial losses if their clients claim they made mistakes or gave bad advice. It covers legal costs and compensation if the professionals’ actions or services cause harm or financial loss to their clients. It’s important for professionals like doctors, lawyers, architects, consultants, and others to have this insurance to protect themselves and their clients.
Coverage for claims made against professionals for errors, mistakes, or negligent acts committed during the course of their professional services. This includes incorrect advice, failure to meet professional standards, breaches of duty, or professional negligence.
Coverage for legal defense costs, including attorney fees, court costs, and other related expenses incurred while defending against professional liability claims.
Coverage for damages, settlements, or judgments awarded to third parties as a result of professional errors or omissions. This includes compensatory damages, economic losses, and reputational damages.
Coverage for claims arising from the unauthorized disclosure or breach of confidentiality of client information or trade secrets.
Coverage for legal expenses incurred in responding to legal or regulatory investigations, inquiries, or disciplinary proceedings related to professional services.
Protection against claims arising from civil liabilities, including alleged defamation, libel, slander, or infringement of intellectual property rights in the course of providing professional services.
Optional coverage that extends protection for claims arising from incidents that occurred prior to the policy inception date, subject to specific terms and conditions.
Claims arising from intentional wrongdoing, fraud, or criminal acts are typically excluded from coverage.
Claims or circumstances that were known or reasonably foreseeable before the insurance coverage began may be excluded.
Professional Indemnity Insurance generally does not cover physical damage to property or bodily injuries, which are typically covered under different types of insurance policies.
Claims arising solely from a breach of contract, without any associated professional negligence, may not be covered.
Any fines or penalties imposed by regulatory bodies or authorities are typically excluded.
Claims arising from professional services provided before the policy's retroactive date or outside the policy period may not be covered.
Claims related to insolvency or bankruptcy of the insured professional or business may be excluded.
Any punitive or exemplary damages awarded by a court are usually not covered.
Note: Remember that the specific coverage details may vary depending on the insurance provider. It’s advisable to review the policy documents for precise information about coverage.
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Incorporation date 10/10/2016
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