Professional Indemnity is a core item that any company should undertake before beginning operation. In Simple terms, here is a complete brief on what a Professional Indemnity is for.
– To protect a company and its employees against claims for professional negligence
-To compensate third parties for injury, property damage or financial loss-
– To provide indemnity against breach of professional duty in the conduct of their profession
Protection against these types of Claims
– Legal liability arising out of negligent act, error or omission
-Wrongful or inadequate advice to a client or third party
-Acting without proper instructions or failure to act in accordance with the client’s instructions
Types of Cases that might be application for Professional Indemnity cases
Case 1 (Realtors )
- Misrepresentation for structural features of the property.
- False or misleading advertising.
Case 2 (Accountants)
- Incorrect tax advice to client who later got fined IRA.
Case 3 (Lawyer )
- Error in conveyancing.
- Failure to secure patents or protect Intellectual Property.
Case 4 (Engineer)
- Inferior design of building resulted in building collapse (e.g. Nicoll Highway)
Case 5 (Surveyor)
- Underestimating the amount of concrete required.
Case 6 (Managers)
- Unable to meet deadline of project, resulting in cancellation of project and/or delay in Event commencement of event.
What Do I need to get Started?
- Duly completed Proposal Form — signed, stamped and current-dated.
- Type of Profession (i.e. Professional Services) with breakdown (if applicable)
- Professional Fees
- Professional Services brochure (if applicable)
- Claims History (if any)
If you have more questions or if you would like to inquire more information about our Professional Indemnity Insurances, please visit our home page or contact us directly. Our friendly staff will be able to advise you accordingly based on your needs and profession.