Professional Indemnity

By virtue of their qualifications, persons in the professions carry a high degree of responsibility in law to their clients.  If they fail to measure up to the standards required of them so that their clients suffer financial loss as a result, they may well find themselves liable to reimburse this loss.

This situation has created a demand for protection, which can be provided by a specialize type of insurance know as “PROFESSIONAL INDEMNITY”.

Professional who can be covered include:-

  • Auditors/Accountants/Tax Advisors/Actuaries
  • Advocates/Notaries
  • Civil and Constructural Engineers
  • Quantity Surveyors/Land Surveyors
  • Valuers/Property Consultants
  • Architects

Extensions

  1. Loss of documents cover can be given for an additional of 10% of the basic premium
  2. Dishonesty of employees for an additional of 10% of the basic premium
  3. Incoming and outgoing partners for an additional of 20% of the basic premium
  4. Libel and slander for an additional of 20% of the basic premium. 

Exclusions

  1. Shipping and Forwarding and Customs Agents
  2. Foreign activities of Multi-National Accountants
  3. Plastic Surgery and Blood Banks
  4. HEALTH and Biological Research facilities
  5. Genetic damage connected with X-ray and other radiation equipment.

Underwriting Guidelines

  1. Acceptance depends on:
  2. Satisfactorily completed proposal form
  3. Claims history
  4. Qualifications
  5. Experience (normal requirements are that the proposer has been in private
  6. Practice for at least three years)
  7. The number of addresses from which the proposer carries on the practice.
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APA Insurance | Professional Indemnity

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