PROFESSIONAL INDEMNITY INSURANCE – ADVOCATES

The policy insures individual advocates or associations/partnerships for their legal liabilities to third parties arising from their professional negligence or that of their employees. Advocates herein referred to as Professionals.
THE COVER:

Professionals may fail to exercise the skill and care that is expected of them – this skill and care is above and beyond the ‘normal’ duty of care. Professional indemnity cover is for ‘Loss arising from a
breach of professional duty by reason of any negligent act, negligent error or negligent omission’.

The main elements of the professional indemnity cover will typically consist of:
 legal liability/civil liability involving payment of;
 damages,
 claimant’s costs and expenses,
 defence costs;
 libel and slander (negligence does not have to be proven for a claimant to succeed with a libel and slander action);
 dishonest, fraudulent or malicious act of employees;
 loss of documents;
 compensation for court appearance.
Claims Administration: Policies are issued on a ‘claims made’ basis, which means that the claim must be made or reported to the insurer during the period of insurance.
EXCLUSIONS
 Liability covered under a Public Or Product Liability;
 Fidelity guarantee;
 Loss of documents;
 Consequential loss;
 Liability arising out of pollution or contamination of any kind;
 Activities in connection with fairs and/exhibition, grounds boundary surveys, survey of sub-surface conditions;
 Estimation of quantities and qualities/arranging/handling materials;
 Atomic works, mining, dams, tunnels, bridges, offshore work;
 Losses arising out of physical acts of the insured, their agents/employees in respect of third party injury or destruction of property;
 Losses associated with ownership, maintenance or operation of aircraft, boat, automobile;
 Insolvency; and War and related peril.

download   Professional Indemnity Insurance – Advocates Proposal

 

 

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