Professional Indemnity Insurance (PI) – What, Why & How?

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Any professional person or consultant who provides advice or services is exposed to ‘professional indemnity’ claims.

[Why] do your clients need protection?

ØAny professional person or consultant providing advice or other services is exposed to claims of a “Professional Indemnity” nature

ØIf a party suffers financial loss after relying on the advice of a professional, he/she has the right to sue for the loss

ØProfessionals require cover to protect them against the potential financial burden of litigation, and to protect the reputation of their practice, their personal integrity and their personal assets.

ØCover for legal costs and expenses is important as litigation involving professionals is often complex. It is imperative that professionals have access to specialized and quality legal representation, to safeguard their interests in the most effective way

ØProfessional Indemnity Insurance (PI) is the solution that provides professionals with the confidence to face the challenges of business. Should they faced with litigation or prosecution, they can be rest assured that Insurers can afford them assistance and support.

[What] Scope of Cover of Professional Indemnity Insurance (PI)?

ØIt indemnifies Professional against legal liability for breach of professional duty in the conduct of the Professional Business Practice

ØIt p

Ørovides cover for (1) (out-of-court) settlements, (2) compensatory damages awarded against the professionals, and (3) legal cost and expenses associated with defending legal action

Professional Indemnity Insurance (PI) provides indemnity for claims involving:

ØLibel and Slander

ØLoss of Documents

ØIntellectual Property

ØJoint Venture Liability

ØConsultants, Subcontractors and Agents

ØOutgoing Principals Indemnity

ØEstates and Legal Representatives

Additional Features (with additional premium)

ØFraud and Dishonesty of Employees

ØPrevious Business Cover

ØIncreased Aggregate Limit of Liability

Whoever you are; Contractors, Lawyers, Medical Professional, Accountants, Stock brokers,

Auctioneers, Tax agents, Finance brokers, Surveyors, Engineers, Architects, Real Estate agents, Solicitors, Mortgage broker, Advertising agents,

Child Care centres, Charitable organizations, School/Colleges, Entertainment, Travel Agent, Etc…Any professional person or consultant providing advice or services is exposed to claims of a ‘professional indemnity’ nature. Incurring legal liability can prove financially crippling to a professional’s business, and this damage is often compounded by loss of reputation. Even when a professional has been cleared of any liability to compensate a claimant, the cost of defending such a claim is onerous and seldom fully recovered

[How] to obtain Quotation?

Client should complete the proposal form in order to provide information such as scope of business or services, annual fee income, claims history, etc for underwriting consideration.

Terms and conditions are determined based on information provided (including but not limited to) some underwriting parameters:

ØScope of business or service provided – whether they are under categories of low, medium or high risks.

ØAnnual fee income – greater fee income generally implies higher risk exposures

ØPercentage of activities (based on fee income) derived from overseas – USA, Canada and Europe are relatively higher risks than Indonesia or Asia

ØClaim history of client – nature, frequency and severity of loss

ØLimit of liability and deductible required

[When] you need advice, you know [Where] to find me?

By: IMAM MUSJAB - Call: +628128079130 - Email: imusjab@qbe.co.id

Need Insurance?Ask the Expert!!

Find more…at AHLIASURANSI.com

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