|Q. What is Professional Indemnity Insurance?|
|A: This Insurance covers errors and omissions on the part of professionals while rendering professional service. Currently in India such policies are available for Doctors and Medical Establishments, Engineers, Architects, Interior Decorators, Chartered Accountants, Financial Consultants, Management Consultants, Lawyers, Advocates, Solicitors and Counsels.|
|Q. What does the policy for Doctors and Medical Practitioners cover?|
|A: The policy indemnifies any act committed by the insured,who shall be a Registered Medical Practitioner, giving rise to any legal liability to Third Parties.
The Insured includes the policy holder and his qualified assistants or employees as named in the proposal form.
|Q. What is the Indemnity offered?|
|A: It applies to claims arising out of bodily injury and/or death of any patient caused by or alleged to have been caused by error, omission or negligence in professional service rendered or which should have been rendered by the insured or qualified assistants named in the schedule or any nurse or technician employed by the insured.|
|Q. What will the policy pay?|
The amount of payment under (a) and (b) will not exceed the amount insured for in the policy under the limit of Any One Accident (AOA) in respect of any or all claims made against the insured arising out of Any One Accident.
|Q. What the policy will not pay for?|
|Q. What are the other special benefits of this policy?|
1. Retroactive Benefit
This means that the insured will be covered for any professional act or omission occurring during the period of insurance, which means the first date of the first policy, provided that the policy is renewed without interruption and is in force when the claim arising out of the act or omission is made in writing against the insured during the policy period. Policy period means the period incepting from the date and hour mentioned in the policy schedule and terminating at midnight on the expiry date indicated in the policy schedule.
If the insured notifies during the policy period any specific event or circumstance which the insurer accepts may give rise to a claim, then the acceptance of such notification means that the insurer will deal with the claim as if it has been made during the policy period.
In the event of non-renewal or cancellation of the policy, the Insurer will allow a time limit up to 90 days, provided another policy does not exist, for notification of claims for accidents which had taken place during the period of insurance.
|Q. Can unqualified staff be covered?|
|A: Yes, by paying additional premium of 7.5% of the Indemnity premium.|
|Q. What is the meaning of AOA : AOY?|
|A: AOA means Any One Accident, which may include one or more, or a series of claims arising out of the same cause or error or omission relating to professional service.
AOY means Any One Year. The Insured can choose an indemnity limit which can be in the ratio 1 ;1, :2,1:3,1:4 of AOA : AOY and the premium will be charged on AOY limit.
|Q. Is there any compulsory or voluntary deductible to be borne by the Insured in case of claim?|
|Q. What are the main exclusions?|
|Q. Important Conditions|