Professional Indemnity / Errors & Omissions Insurance
Professional Indemnity Insurance, also known as Errors and Omissions Insurance (E&O), protect professionals and businesses against claims for negligence, errors, omissions, or professional misconduct in the performance of their professional services. It provides coverage against legal liabilities and associated costs incurred in defending against or settling claims made by clients or third parties.
Add-On
Run-off Coverage - Extends coverage to provide protection even after the insured has ceased practicing or retired from their profession, covering claims made after the policy has expired.
Extended Reporting Period (ERP) - Provides an extended period of time after the policy has expired during which claims can be reported and covered, typically useful for claims arising after the termination of the policy.
Exclusions
1. Deliberate or intentional acts of misconduct, fraud, or dishonesty by the insured.
2. Claims arising from criminal activities or illegal conduct by the insured.
3. Claims related to employee dishonesty or fraudulent acts, such as theft, embezzlement, or misappropriation of funds.