Professional Indemnity is aimed at providing protection against financial loss resulting from a legal liability to a third party.
Anyone who offers services or advice in a specialised field could be held accountable at law for the advice or service to the general standards of their profession or industry.
Some lines of business are therefore legally required to have this cover in place and this is where AIG is able to offer insurance solutions for a wide range of modern professional activities.
Features and Benefits
- A wide range of policies covering specific professions, or for other specified fields.
- Tailor-made wordings for the following professions - Accountants; Attorneys; Advocates; Estate Agents; Media; Telecommunications; Technology; Outsourcing; Insurance Intermediaries; Teaching Organisations; Engineers.
What is covered?
- Our liability coverage means that if a claim is made by a third party because of your professional services, and we have not excluded it, it is covered.
- Wrongful Act, error or omission.
- Misstatement, misleading statement.
- Breach of confidentiality.
- Unintentional breach of contract.
- Defense costs in addition to Policy Limits (policy retention is not applicable to defense costs).
- Fraud and Dishonesty.
- Unintentional infringement of intellectual property rights.
- Defamation.
- Worldwide territorial limits excluding North America (North American cover optionally available).
- Cover is on a “claims made” basis.
Professional Indemnity policies are short-term products and are underwritten by AIG South Africa Limited, FSP No: 15805