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The New India Assurance Liability Insurance |
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Professional Indemnity Policy
Highlights
This policy is meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional service.
The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable.
Group policies can also be issued covering members of one profession. Group discount in premium is available depending upon the number of members covered.
Scope
The policy covers all sums which the insured professional becomes legally liable to pay as damages to third party in respect of any error and/or omission on his/her part committed whilst rendering professional service. Legal cost and expenses incurred in defence of the case, with the prior consent of the insurance company, are also payable, subject to the overall limit of indemnity selected.
Only civil liability claims are covered. Any liability arising out of any criminal act or act committed in violation of any law or ordinance is not covered.
Who can take the policy
The policy is meant for professionals. We issue ‘Professional Indemnity’ policies to the following group of professionals:-
1. Doctors and medical practitioners - which covers registered medical practitioners like physicians, surgeons, cardiologists, pathologists etc.
2. Medical establishments - which covers legal liability falling on the medical establishment such as hospitals and nursing homes, as a result of error or omission committed by any named professional or qualified assistants engaged by the medical establishment.
3. Engineers, architects and interior decorators.
4. Lawyers, advocates, solicitors and counsels.
5. Chartered accountants, financial accountants, management consultants.
Directors and Officers Liability Policy
Highlights
This cover is suitable for those Directors & key officers who are in a decision -making position.These directors and officers in pursuance of their duties may take some actions which may be in violation of certain statutes or Indian Laws.
Scope
Provides cover
1. Against any loss that the Organization may incur, on account of mistaken actions taken in their individual capacity as Directors & Officers in pursuance of their duties under Memorandum and Articles of Association.
2. Against loss arising from claims made against them by reason of any wrongful Act in their Official capacity.
3. Legal costs & expenses incurred with the written consent of the insurers arising out of prosecution (criminal or otherwise) of any Director / officer and attendance at any investigation, examination, inquiry or other proceedings by the authority empowered to do so.
4. Expenses incurred by any shareholder of the Company in pursuance of a claim against any Director / Officer, which the Company is legally obliged to pay, pursuant to an order of a Court.
5. Provide indemnity to the estate of, legal heirs or legal representatives of the Director / officer in the event of the Director / officer becoming insolvent.
Exclusion
1. Any bodily injury ,sickness, disease or death of any person or any damage to tangible property
2. Dishonest, fraudulent, criminal or malicious act.
3. Personal guarantee.
4. Libel and slander
5. Personal injury and damage to property.
6. Pollution damage
7. Directly resulting from goods or products manufacture or sold by the company
8. Fines, penalties, punitive or exemplary damages.
9. Any circumstances existing prior to inception date of policy
Premium
Premium depends on profile of the client, the Sum Insured selected, present and past functioning of the company, information in the balance sheet and annual report, degree of exposure etc.
Special Conditions
1. Directors and the Company shall give to underwriters immediate notice in writing of any claim
2. Directors and the Company shall not disclose to anyone the existence of the policy without underwrites consent
3. Directors of the Company shall not be required to contest any legal proceedings Counsel shall advise that such proceedings should be contested.
4. Underwriters shall not settle any claim without the consents of the Directors or the Company
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