PROFESSIONAL INDEMNITY

By virtue of their qualifications, persons in the professions carry a high degree of responsibility in law to their clients. If they fail to measure up to the standards required of them so that their clients suffer financial loss as a result, they may well find themselves liable to reimburse this loss. This situation has created a demand for protection, which can be provided by a specialize type of insurance know as “PROFESSIONAL INDEMNITY”. Professional who can be covered include:-

  • Auditors/Accountants/Tax Advisors/Actuaries
  • Advocates/Notaries
  • Civil and Constructural Engineers
  • Quantity Surveyors/Land Surveyors
  • Valuers/Property Consultants
  • Architects
Extensions
  • Loss of documents cover can be given for an additional of 10% of the basic premium
  • Dishonesty of employees for an additional of 10% of the basic premium
  • Incoming and outgoing partners for an additional of 20% of the basic premium
  • Libel and slander for an additional of 20% of the basic premium. 
Exclusions

  • Shipping and Forwarding and Customs Agents
  • Foreign activities of Multi-National Accountants
  • Plastic Surgery and Blood Banks
  • HEALTH and Biological Research facilities
  • Genetic damage connected with X-ray and other radiation equipment.
Underwriting Guidelines
  • Acceptance depends on:
  • Satisfactorily completed proposal form
  • Claims history
  • Qualifications
  • Experience (normal requirements are that the proposer has been in private practice for at least three years)
  • The number of addresses from which the proposer carries on the practice.