What is this product about?

Professionals who provide professional services owe a duty of care to their clients / third parties and must exercise due care and skill. If their clients suffer financial losses after relying on their professional advice, clients have the right to sue for the loss.

This policy indemnifies the Insured for those sums which the Insured, as a result of conducting the insured profession, will become legally liable to pay as damages for loss caused by an incident which takes place within the Location of Risk stated in the Policy Schedule after the Retroactive Date stated in the Policy Schedule and before the policy period ends.

What are the covers / benefits provided?

This policy covers:

• Your legal liability against claims for damages caused by your breach of professional duty as a result of your negligent act, error or omission;
• Legal costs & expenses incurred in defending a claim.

You may extend coverage to the following risks by paying additional premium:

• Dishonesty of Employees
• Libel & Slander
• Loss of Documents
• Outgoing Partners

What is the subject matter insured?

The insured's legal liability to third parties for any third party claim for Breach of Duty by reason of any Wrongful Professional Act committed or allegedly committed by the Insured solely in providing Professional Services arising out of the Insured’s business activities as shown in the Policy Schedule.

Period of Insurance

Duration of cover is for one year. You need to renew your insurance Policy annually.

How much premium do I have to pay?

The flat premium that you have to pay is depending on the risk exposure (i.e. nature of your business activities, number of partners & technical staff, estimated annual gross fees, limit of indemnity, deductible, extensions required, past claim experience, etc.) and our underwriting requirements.

What is the payment mode and how do I pay the premium?

This is an annual policy and you may pay your premium in full either by cash or cheque or bank transfer.

What are some of the key terms and conditions that I should be aware of?

• Duty of Disclosure
  - You must give all the facts which you know or ought to know.
  - You must ensure that the proposal form is completed accurately as it forms the basis of the insurance contract.
• Limit of Indemnity
  The Limit of Indemnity that you have to decide will be based on your liability exposure in relation to your business operations. You must ensure that your limit of Indemnity is adequate to cover your risk exposure.
• Claims Notification
  If an incident occurs which a claim may arise, you must immediately notify us in writing. You should not admit, offer, promise or pay the third-party claimant without our written consent.
• Deductible/Excess
  This is the first amount that you have to bear before we indemnify you of a loss.
• Premium Warranty
  Premium must be paid in full and received by us within 30 days from the inception date of the cover, otherwise the cover is automatically cancelled and you will still be responsible to pay the proportion of premium for the period we have been on risk.
• Claims Made Basis
  The policy wording is a ‘claims made’ form

What are the major exclusions under this policy?

• Absolute Asbestos
• Assumed Liability
• Bodily Injury
• Commingling of Funds
• Discrimination
• Illegal Profits
• Insolvency
• Insured versus Insured
• Intellectual Property Rights
• Intentional Acts
• Jurisdiction/Territorial
• Libel and Slander
• Loss of Documents
• Managerial Liability
• Nuclear Limitation
• Patent/Trade Secret Exclusion
• Pollution
• Prior Known Facts
• Products
• Professional Fees
• Property Damage
• Restrictive Trade Practices
• Retroactive Date
• Superannuation Liability
• Terrorism
• Trade Debts
• War
• Warranty and/or Guarantee

Note: This list is not exhaustive. Please refer to the policy contract for the full list of terms and conditions under this policy.

What are the pre-acceptance conditions for this product?

• No claim for the past 3 years
• Submission of the duly completed and signed Professional Indemnity Proposal Form and other underwriting information, where deemed necessary, for our risk assessment.
• Insured has never been declined, cancelled or refused coverage previously.

Can I cancel my policy?

You may cancel the policy by giving Us ten (10) working days’ notice in writing. Upon cancellation, you are entitled to a refund of the premium based on the unexpired period of insurance less 10% administration charge provided no claims have been made during the current policy period.

No refund of premium for any cancellation of policy if premium is charged on minimum premium.