This policy indemnifies the Insured against any sums for which the Insured becomes legally liable as a direct result of any negligent act, error or omission made by him during the performance of his duties as a professional man/women (e.g. engineers, architects, lawyers, accountants etc.). Indemnity will be provided in accordance with the limits, conditions and activities defined in the policy.
The Professional Indemnity Policy covers awards arising out of court judgments, defense costs, loss of documents, fees and expenses. This policy protects professionals from legal liability for any acts of negligence they may commit in the course their duty. You do not have to be wrong to be sued, the policy will provide for the costs of defending any action brought against the insured in their professional capacity.
The insured will choose a limit of cover in line with the nature of projects/contracts that they normally undertake or the size of the pension scheme funds that they manage.
The relevant proposal form has to be completed by the client and be submitted to the Insurers for proper assessment of risk.