Professional Indemnity Insurance

Chartis’s Professional Liability insurance covers professionals for claims made against them for economic losses flowing from the advices and services that they provide to their clients. It provides financial protection to meet the costs of defending legal actions and any damages that may become payable.
 
Why is Professional Liability insurance vital?

1. Regulation – Legal Requirement
Traditional professions like Accountants, Architects, Engineers, Lawyers and Insurance Brokers are highly regulated by local authorities and in many cases these professions are legally required to have a professional liability insurance in place.

2. Contractual Obligations
As a consequence of globalization, service providers in Southeast Asia & China are increasingly finding professional liability insurance as one of the pre-requisite requirements when tendering for business with overseas companies, especially where contracts are awarded by clients based in the US, Europe, UK and Australasia. This is driven by the litigious environment that exists in such territories.

3. Financial Protection
A single claim can ruin a business financially since litigation can be expensive, time-consuming and resource hungry. You may face litigation even if you have done nothing wrong and Chartis Professional Liability insurance will provide protection for you when faced with such claims.

4. Reputation Protection
If you are a professional, your reputation is everything and maintaining this reputation is critical. If a claim does arise, our claims experts will provide assistance in the management of a positive relationship between you and your client so as to mitigate the damage to your reputation.

5. Customer Protection
Chartis’s Professional Liability insurance aims to remove the financial burden for the service provider. This helps to minimise the fear of economic loss and provides peace of mind which enables the professional to focus on what’s important– servicing their client.

6. Litigation Environment
The increasing economic interdependency and culture exchange between the West and the East is contributing to higher claims awareness among professionals like yourself. The rapidly escalating number and size of professional liability claims demonstrate the litigious environment in Southeast Asia and China.

The Cost of Defending Litigation
The frequency and severity of lawsuits against professional service providers has been on the rise for last few years, fueled by countless customers and clients who believe, rightly or wrongly, that they have suffered when professional services did not live up to their expectations.

Now the situation is worsening. With the public’s increased awareness of the existence of professional liability insurance, unhappy clients are more eager than ever to sue – as evidenced by the record number of claims handled by Chartis.

Defence of claims can take many years and the consequences of professional liability lawsuits are extremely unpredictable. The legal costs in defending a professional liability lawsuit alone can be enormous and ensuring access to a quality legal defence team is critical when the stakes are so high.