ICICI Lombard Professional Indemnity Insurance

Features of ICICI Lombard Professional Indemnity Insurance

The features of ICICI Lombard Professional Indemnity Insurance provide robust protection tailored to the realities of modern professional risks. Some of the key features include:

• Claims-made and reported basis: Coverage applies only to claims first made and reported during the period of insurance, ensuring that only current risks are addressed.
• Defence costs coverage: The insurer has the right to investigate, defend or settle claims and covers associated legal expenses. Defence costs reduce the overall policy limit.
• Technology product failure coverage: Protection is provided if a technology product developed or supplied by you fails to perform its intended function due to negligence.
• Computer network security coverage: Claims resulting from failures to protect computer systems from unauthorised access, malicious code, or denial of service attacks are covered.
• Multimedia and advertising liability coverage: This coverage extends to liabilities arising from acts such as defamation, invasion of privacy, misappropriation of names or likenesses, plagiarism, and copyright infringement.
• Worldwide coverage for acts committed in India: The policy applies to acts committed in India and claims made within India’s jurisdiction.

ICICI Lombard Professional Indemnity Insurance Inclusions

Understanding the inclusions of ICICI Lombard Professional Indemnity Insurance helps clarify what types of risks are protected under the policy. The key inclusions are:

• Professional services liability: If you are accused of a negligent act, error, omission or unintentional breach of contract in delivering professional or technology-based services, the policy covers damages and associated legal expenses.
• Technology product liability: If a product you develop or distribute fails to meet its intended purpose due to a negligent act, error or omission, coverage is provided for claims resulting from such failures.
• Computer network security breaches: The policy covers third-party claims arising from unauthorised access, theft of data, transmission of malicious code, or denial-of-service attacks originating from your systems.
• Multimedia liability: Coverage extends to acts committed in your advertising or media activities, including claims for defamation, invasion of privacy, copyright infringement, trade dress infringement and plagiarism.

ICICI Lombard Professional Indemnity Insurance Exclusions

The exclusions of ICICI Lombard Professional Indemnity Insurance outline the situations where coverage will not apply. Key exclusions include:

• Intentional or criminal acts: Claims arising from dishonest, fraudulent or malicious acts are not covered.
• Prior knowledge of claims: If you were aware of a potential claim before the inception of the Professional Indemnity Insurance, coverage does not apply.
• Acts prior to the retroactive date: Claims related to acts, errors or omissions that occurred before the policy’s retroactive date are excluded.
• Bodily injury or property damage: Except in specific cases like medical malpractice, claims purely for bodily injury or physical property damage are not covered.
• Contractual liabilities beyond professional obligations: Liabilities arising from breach of contract that go beyond a professional duty to exercise skill and care are excluded.

ICICI Lombard Professional Indemnity Insurance Claim Process

If a claim arises, the claim process for ICICI Lombard Professional Indemnity Insurance is structured to ensure timely notification and efficient handling of claims. Here's how it works:

• Immediate notification: You are required to immediately notify ICICI Lombard upon becoming aware of a claim or any circumstance that may reasonably lead to a claim. Notification must occur within 21 days.
• Submission of documentation: You must submit all relevant documents, including details of the claim, supporting evidence, and any legal notices received.
• Investigation and defence: The insurer has the right to investigate the claim, appoint legal representation, and decide whether to defend or settle the matter. Defence costs incurred reduce the overall policy limit.
• Consent before settlement: You cannot admit liability, enter into settlements, or incur legal expenses without the insurer’s written permission.
• Limit of liability: The insurer’s liability for any claim is limited to the amount specified in the policy, and the deductible applies to each claim.

Conclusion

ICICI Lombard Professional Indemnity Insurance offers valuable protection for professionals whose work involves advisory, consulting, technology, media and other specialised services. With coverage for negligence, errors and omissions, technology product failures, network security breaches and multimedia liability, this insurance provides essential financial protection when legal claims arise. Understanding its inclusions, exclusions and claim process helps you manage your risk responsibly. By securing this policy, you can protect your business interests, focus on delivering services to clients, and confidently manage unforeseen legal challenges.