Professional Indemnity/ Errors and Omissions

Errors & Omissions Insurance is a professional liability insurance that protects companies and individuals against claims made by clients for inadequate work or negligent actions.

An error or omission, a mistake, which causes financial harm to another, can occur on almost any transaction in any profession. This type of insurance helps to protect a professional, an individual or a company, from bearing the full cost of defense for lawsuits relating to an error or omission in providing covered Professional Services.

The policy covers businesses against:

• Legal liability of the insured towards damages to customers with respect to financial losses incurred by them due to negligence of the insured
• Legal costs and expenses incurred by the Insured.

Limit of Liability:

The total liability of the insurer has two limits: Per Claim Limit called AOA limit (Any One Accident) and Per Annum Limit called AOY Limit (Any One Year)

Major Exclusions are:

• Pure financial losses and insolvency
• Libel, slander & defamation
• Infringement of patent, copyright, trademark, IPR
• Financial Guarantee & Insolvency
• Damage to own property
• Contractual Liability
• Punitive & Exemplary damages
• Political risks
• War, civil war, terrorism & sabotage
• Prior acts and pending litigation