Professional Indemnity Insurance
Summary of Cover
This is a brief description of the cover provided and does not contain the full details. We recommend you read the policy wording for full details of cover.
|Professional indemnity - provides cover for claims first made during the policy period, within the territorial limits, which you may become legally liable, arising out of the your professional conduct of the business (as described below) and alleging that liability occurred as a result of a negligent act, error or omission, loss of documents or dishonesty of employees. |
Under dishonesty of employees no protection is given after suspicion has arisen and there is no cover for those committing or condoning such acts.
The policy is on a ‘claims made’ basis and only covers claims first made during the policy period and you must advise the insurers during the policy period or any claim or circumstance that may give rise to a claim.
|Choice of Limits from £100,000 up to £2,000,000 any one claim and in the aggregate, inclusive of costs, during the Period of Insurance|
|12 months from the Inception Date shown in your Schedule of Insurance|
|Worldwide excluding USA and Canada, their Dominions or Protectorates or as varied and excluded in the Schedule|
|1. Negligence or breach of duty of care|
2. Negligent misstatement or negligent misrepresentation
3. Unintentional infringement of intellectual property rights including copyright, patent, registered design right or breach or misuse of confidential information
|£1,000 each & every Claim|
- Any claim or potential claim or circumstance (has potential to produce a claim) known to the Insured, or which ought to have been reasonably known to the Insured, prior to the inception of this policy or claims from services undertaken prior to the Insured’s incorporation.
- Any claim made against the insured from an entity in which the Insured exercises a financial or managerial interest or claims made by one insured against another.
- Any claim or potential claim or circumstance, emanating from within the USA or Canada or any territories, which are within the jurisdiction of the USA or Canada.
- Any claims involving death or bodily and/or for physical loss or damage to property (unless arising out of the loss documents extension).
- Claims arising under contractual liability unless the liability would have existed in the absence of the contract. Also any claims from any contract where the insured does not either exclude or limit liability for loss of data, software, profits, turnover, revenue, sales or any other consequential loss.
- Claims arising from the loss or distortion of electronically held data and or date recognition failure. Also any claims arising out of computer viruses.
- Claims from the recommendation, sale, supply, manufacture, installation or servicing of any goods or products.
- Claims arising from inherent or latent defect in software, hardware or firmware.
- Claims from any contract where the insured does not check that they can meet the requirements of the contract.
- Any claim arising from the insured’s appointment to the position of Registered Auditor or Licensed Insolvency Practitioner.
- Any claims arising from investment of client funds, purchase or sale of stocks, shares or investments or the administration, management or operation of any pension fund or trust fund. Any claim arising from any express or implied performance of an investment.
- Any claims arising from trading liabilities of any business where the insured has carried on or managed that business.
- Claims and circumstances must be notified to the Insurer in writing within 30 days as soon as they are known to the Insured and in any event must be advised during the period of the policy.
- Insurers can cancel the policy by giving 30 days prior notice. In these cases Insurers will return a pro-rata proportion of the premium. As the Insured you can cancel at any time with Insurers calculating their return premium based on their short rate terms. No return of premium will be made where a claim or potential claim has been notified during that period of insurance.
- Complaints can be referred to the Insurer in writing and the Insurer will endeavour to respond within 8 weeks. There is no referral to the Financial Ombudsman Service. If the Insurer cannot meet their liabilities, there is no fall back to the Financial Services Compensation Scheme.
- You must disclose to the Insurer all material facts and information prior to and/or at inception of your policy, and/or at any time during the period of insurance if your circumstances change. Failure to do so could result in the Insurer being able to invalidate the cover and decline to meet any claims.
|Trafalgar Insurance Company Limited|
Rue A Chiens
Guernsey GY2 4AE
Trafalgar Insurance Company Limited is authorised and regulated by the Guernsey Financial Services Commission