Professional Indemnity policy covers all sums which the Insured becomes legally liable to pay as damages in respect of bodily injury and/or death caused by or alleged to have been caused by error, omission or negligence on the part of the Insured whilst rendering professional service arising out of claims first made in writing against the Insured during the policy period, including legal costs and expenses incurred with the prior consent of the insurer, subject always to the limits of indemnity and other terms, conditions and exceptions of the policy. The policy is always issued with a limit of liability and it shall not be permissible to issue any Professional Indemnity Insurance Policy with unlimited liability.
This policy can be issued to Doctors and Medical Establishments, Engineers, Architects, Interior Decorators, Chartered Accountants, Financial Consultants, Management Consultants, Lawyers, Advocates, Solicitors and Counsels. All claims for compensation have to be legally established in a court of law. There are specific conditions attached to professional indemnity policies issued to professionals in the various profession as narrated above.