Reliance Professional Indemnity Insurance
In India, Reliance General Insurance Company Limited is a private company that provides general insurance services. The company boasts a substantial customer base that comprises numerous SMEs and corporations. As reported by IRDAI, the company's claim settlement ratio for the year 2021-22 was an impressive 98.65%.Read more
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Reliance Professional Indemnity Insurance: Features
The following are the main advantages of this insurance policy:
- The policy is made as per the requirements of various professionals and professional services
- Comprehensive coverage against several types of risks
- Covers legal expenses and costs incurred with the insured's prior consent
- Hassle-free documentation
- The insured can adjust the sum insured during the policy tenure.
Reliance Professional Indemnity Insurance Policy: Inclusions
The policy provides coverage for the following perils:
- Legal responsibility for bodily injury or death resulting from a professional duty breach by the insured, the firm's previous owners (if they're covered), or any employee working on behalf of the firm.
- Payment for legal defense costs, fees, and expenses anywhere in India according to Indian law.
Reliance Professional Indemnity Insurance policy: Exclusions
The policy does not provide coverage for the following perils:
- Criminal or unlawful acts
- Services rendered while under the influence of drugs or alcohol
- Third-party public liability
- Any condition related to AIDS
- Personal injuries such as libel, slander, defamation, and their resultant mental injury or shock
- Infringement of patents, copyrights, trademarks, or registered designs
- Non-compliance with professional practice standards laid down by law or official bodies
- Purely financial losses such as loss of market or goodwill
- Dishonest, fraudulent, criminal, or malicious acts
- Fines, penalties, punitive, or exemplary damages
- Professional services rendered before the Retroactive Date in the Schedule
- Deliberate or intentional disregard of the insured's technical or administrative management to prevent claims
- Injuries to persons employed under the insured's contract or apprenticeship arising from such contract execution
- War and nuclear perils
Reliance Professional Indemnity Insurance: Claim Process
To make a claim under professional indemnity insurance policy, you should follow these steps:
- Inform the insurance company
- Fill out the claim form, sign it, and get it stamped by the insurer
- A surveyor will be sent by the insurance company
- The surveyor will examine the situation for which the claim has been raised
- Assist the surveyor and tell him/her whatever they ask. Also, tell them what led to the incident
- If you receive any legal or formal letter then share it with the surveyor.
- If any legal proceedings have been initiated following the incident, inform the inspector
- Provide an estimated loss amount to the insurer
- If the loss is covered by the insurance policy, the insurer will settle the claim within the specified time frame
Reliance Professional Indemnity Insurance: Documents Required
If you want to file a claim under this insurance policy, you will need to submit the following documents, in addition to the claim form:
- A copy of your PAN Card
- A copy of your Aadhar Card
- A copy of your GST Registration Certificate
- Proof of address for the location covered by the policy
- Any other document that the insurer may require.
Ques 1: Is it possible to cancel the policy before the expiration date? If so, what is the refund policy?Ans: Yes, you can cancel the policy before the expiration date. The insurer will issue a refund of the premium paid after deducting the applicable charges and fees in accordance with the policy document.
Ans: Reliance General offers its Professional Indemnity Insurance policy for a period of 1 year.
Ans: Well, the maximum sum insured under this policy is dependent on the insured's profession and the extent of coverage needed. The insured can select the sum insured that meets their specific requirements.
Ans: The policy is tailored to meet the unique needs of professionals and professional services, including but not limited to architects, engineers, doctors, lawyers, and consultants.