SBI Error & Omission Liability Insurance Policy

Established in 2009, SBI General Insurance has catered to over 10 crore customers. Along with various general insurance policies, the company also provides an Errors & Omissions Liability Insurance Policy. This insurance policy provides coverage to the policyholder for several liabilities. Let us discuss them in detail here.

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SBI Error & Omission Liability Insurance Policy: Inclusions

SBI error and omission liability insurance policy provides coverage for the following perils:

The policy provides coverage for financial injury arising from the Insured Product or Service.

The coverage applies to wrongful acts to which coverage applies and claims made during the policy period.

The policy indemnifies the Insured for all amounts legally liable to pay as compensation, defence costs and supplementary payments.

The coverage applies only to claims arising from wrongful acts committed during the period of insurance and notified to the company in writing during the policy period or extended reporting period.

The coverage is only applicable for claims made in India, and excludes any judgment, award, or settlement made within countries that operate under the laws of the United States of America or Canada.

The policy's coverage is up to the limit of indemnity stated in the policy schedule.

SBI Error & Omission Liability Insurance Policy: Exclusions

SBI error and omission liability insurance does not provide coverage for the following perils:

The error and omission liability insurance policy does not cover any wrongful act, injury, claim or other circumstances that have been reported to the company or any other insurer before the policy period begins.

The insurance policy does not cover any injury that arises out of any wrongful act or the continuation or resumption of any wrongful act that was deemed known before the policy period begins.

In summary, any incidents or claims that were known or reported before the policy period begins are not covered by the insurance policy.

SBI Error & Omission Liability Insurance Policy: Claiming Process

Here are the steps that you need to follow in order to raise a claim under SBI error and omission liability insurance:

Notify Insurer: Let your insurer know as soon as possible if any of your clients files a lawsuit against you.

Gather Necessary Documents: To initiate the claims process, you will need to provide some documents along with the claim form.

Provide All Details: The insurer will send an investigator to speak with you about the incident and any related details.

Claims Settlement: If the insurer is satisfied that your situation falls within the coverage of your insurance plan, they will cover the costs associated with that particular incident.

SBI Error and Omission Liability Insurance: FAQs

Que 1: How much does Errors and Omissions (E&O) Liability Insurance cost?

Ans: The cost of Errors and Omissions (E&O) Liability Insurance varies depending on a variety of factors, including your profession, coverage limits, deductibles, and claims history. To get an accurate quote, it's best to speak with an insurance agent who can assess your specific needs.
Que 2: Is it necessary to have error and omissions insurance if I already have general liability insurance?

Ans: Yes, general liability insurance covers bodily injury and property damage claims, but it does not cover financial losses arising due to errors or omissions committed while providing professional services. Therefore, it is advisable to have both general liability and error and omissions insurance.
Que 3: Does SBI error and omissions liability insurance cover intentional acts of wrongdoing or criminal activities?

Ans: No, SBI error and omissions liability insurance does not cover intentional or criminal acts. It only covers errors or omissions committed while providing professional services or advice.

SBI Error & Omission Liability Insurance Policy