Professional Indemnity Insurance
Professional Indemnity Insurance: Essential Protection for Professionals
Professional indemnity Insurance is designed to provide insurance protection to professional advice – and service-providing individuals and companies against their legal liability to pay damages arising out of unintentional negligence while performing their professional duties. Such covers are available for engineers, architects; chartered accountants, financial consultants, lawyers, insurance brokers’ etc.
Project specified PI insurance can also arranged for contracting works as a part of Principals or Main contractors’ contractual obligation.
Payment of Settlements
Secure your professional journey with indemnity insurance, ensuring settlements or damage payments are handled with utmost precision.
Covers Legal Defence Costs
Professional Indemnity insurance safeguards you by covering legal defense costs, ensuring peace of mind in your professional journey
Defamation Coverage
Defamation claims can tarnish your reputation. Professional Indemnity insurance covers legal costs, safeguarding your professional standing.
Coverages of Professional Indemnity Insurance
Occurrence Coverage
An Occurrence insurance policy provides a safety net for the policyholder by covering incidents that transpire during the active policy term, irrespective of when the claim is lodged.
This type of policy continues to address claims even post-cancellation, provided the incident took place while the coverage was active. Essentially, an Occurrence policy furnishes enduring protection for events happening during the insured period.
Claims Made
The policy will respond to claims made during the policy period due to an incident which had occurred after the Retroactive date.
A retroactive date is established as the day the very first policy is issued. All subsequent renewal policies use the same initial retroactive date.Each succeeding year the policy is continuously renewed, the “coverage period” is extended with the retroactive date as very first policy date.
Once premiums stop the coverage stops. Claims made to the Insurance company after the coverage period ends will not be covered, even if the alleged incident occurred while the policy was in force.
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Frequently Asked Questions
What is professional indemnity insurance in UAE?
Secure Your Business with Ease: Explore Professional Indemnity Insurance with omega insurance brokers! Running your own business or practice? Safeguard it from unexpected hiccups with our Professional Indemnity Insurance. Enjoy peace of mind knowing you’re protected against liabilities from professional mistakes or oversights. Let’s make your professional journey smooth and worry-free
What does a professional indemnity insurance cover?
Secure your professional journey with indemnity insurance that stands like a shield, safeguarding you against claims. If a client or third party experiences loss or damage due to your services or advice, this insurance has your back, ensuring your peace of mind and financial stability.
Is professional indemnity insurance mandatory in UAE?
Secure Your Expertise in the UAE with PI Insurance! While not a legal requirement, Professional Indemnity (PI) Insurance comes highly suggested for all specialists offering their wisdom and services in the region. Whether you’re a lawyer, accountant, architect, or consultant, safeguard your professional advice and designs with a robust PI Insurance policy.
What professional indemnity does not cover?
While it doesn’t cover fines or legal penalties, it’s your safeguard against various other liabilities. Let’s make understanding insurance simple and clear – your shield against unexpected professional mishaps, minus the legal fines.
