New India Assurance Professional Indemnity Insurance

Features of New India Assurance Professional Indemnity Insurance

Some of the key features of the policy include:

• Protection against professional errors and omissions: Covers legal liability arising from professional negligence, errors, or omissions while providing professional services.
• Retroactive cover benefit: Continuous renewal enables claims arising from acts after the first policy inception date to be covered under the retroactive period, subject to policy conditions.
• Defence cost coverage: Covers legal costs and defence expenses incurred with the insurer's prior written consent within the selected limit of indemnity.
• Group insurance option: Group policies are available for members belonging to the same profession with premium discounts based on the number of members covered.
• Wide professional eligibility: Available for doctors, hospitals, engineers, architects, lawyers, chartered accountants, consultants, financial professionals, insurance intermediaries, and several other professions.

New India Assurance Professional Indemnity Insurance: Inclusions

The policy provides coverage for the following liabilities:

• Professional Negligence: Covers legal liability arising from errors or omissions committed while rendering professional services to clients.
• Civil Liability Claims: Covers damages that the insured becomes legally liable to pay to third parties for covered civil claims.
• Legal Defence Costs: Covers legal costs and expenses incurred in defending a covered claim, provided prior consent has been obtained from the insurer.
• Retroactive Cover: Claims arising from acts committed after the retroactive date may be covered when the policy has been renewed continuously without interruption.
• Coverage for Various Professionals: Available across multiple professions including medical practitioners, hospitals, engineers, architects, lawyers, chartered accountants, management consultants, insurance intermediaries, and other specified professionals.

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

New India Assurance Professional Indemnity Insurance: Exclusions

The policy does not cover:

• Criminal acts or liabilities arising from violation of any law or ordinance.
• Claims involving criminal liability instead of civil liability.
• Liabilities outside the scope of professional services covered under the policy.
• Claims not falling within the applicable retroactive period or policy period.
• Any exclusions specifically mentioned in the policy wording.

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

New India Assurance Professional Indemnity Insurance: Claim Process

In the event of a claim process under professional indemnity insurance:

• Notify New India Assurance immediately after becoming aware of a claim or circumstance likely to result in a claim.
• Submit complete details of the claim along with all supporting documents.
• Cooperate with the insurer during investigation and legal proceedings.
• Obtain the insurer's prior written consent before incurring defence costs or agreeing to any settlement.
• The claim will be assessed and settled in accordance with the policy terms and conditions.