Magma Professional Indemnity Insurance

Features of Magma Professional Indemnity Insurance

The key features of Magma Professional Indemnity Insurance include:

• Project-specific coverage: Designed specifically for contractors and sub-contractors involved in long-term construction projects.
• Long-term protection: Covers the construction period, maintenance period, and extended reporting period.
• Claims-made policy: Covers claims first made and reported during the policy period.
• Legal defence cost coverage: Covers defence costs, including lawyers, court costs, and expert fees, within the selected indemnity limit.
• Comprehensive professional liability cover: Protects against errors in design, breach of professional duty, employee dishonesty, and related professional liabilities.

Magma Professional Indemnity Insurance: Inclusions

The policy provides coverage for the following liabilities:

• Errors in Design and Construction: Covers claims arising from errors in the design and/or construction of a project.
• Breach of Professional Duty: Protects against legal liability arising from breach of professional duty while executing project-related services.
• Employee Dishonesty: Covers losses arising from dishonest acts committed by employees in relation to professional services.
• Legal Defence Costs: Covers lawyers' fees, court costs, expert fees, and other defence expenses within the limit of indemnity.
• Damages and Settlements: Covers court-awarded damages and out-of-court settlements negotiated with the insurer's prior consent.

Disclaimer: This is not a complete list of inclusions. Please refer to the policy wording for complete coverage details.

Magma Professional Indemnity Insurance: Exclusions

The policy does not cover:

• Prior or pending claims, or circumstances known before the policy inception.
• Claims arising from guarantees or contractual guarantees.
• Deliberate conflicts of interest, fraudulent, dishonest, criminal, or wilful acts.
• Claims arising from war, terrorism, or similar events.
• Bribes, illegal payments, or other unlawful activities.

Disclaimer: Please refer to the policy wording for the complete list of exclusions.

Magma Professional Indemnity Insurance: Claim Process

In the event of a claim:

• Notify Magma as soon as practicable upon becoming aware of any circumstance that may give rise to a claim.
• Do not admit liability or agree to any settlement without the insurer's prior written consent.
• Work with the insurer in appointing legal counsel or an attorney, if required.
• Obtain the insurer's approval before negotiating any settlement.
• Eligible claims, including defence costs, damages, and approved settlements, are settled in accordance with the policy terms.