Professional Liability

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Claims

Professional Liability

Professional Indemnity insurance covers organisations or individuals against alleged breaches of their professional services. It’s different to directors and officers insurance, which covers directors and managers for high level decisions they make steering the company.

Professional indemnity is much more operational. It covers the day-to-day activities that bring in the revenue, say an IT consultant sued by their customer when software they recommended and installed doesn’t do what they promised.

It can take a while for professional indemnity claims to surface. An accountants’ handling of capital gains might only come to light when properties come to be sold. Professional indemnity insurance covers claims that are actually made while the policy is in force, even if the error causing it happened years ago. This is why professional indemnity insurance should be kept up to date; otherwise there’s no insurance to protect against the undiscovered consequences of work done in the past.

These types of claims can be very expensive, running for years with investigation and defence costs mounting up. Professional indemnity meets those costs, as well as damages if you are fault eventually to be at fault.
Chartis provides insurance solutions for a wide range of modern professional activities. For some of these, solicitors, accountants and architects it is a requirement of their professional authorisation. But it can be very useful cover for lots of fields where your clients are depending upon your expert guidance.

Some insurers limit the cover they provide to a single aggregate limit for the year. Once that’s used up, no more cover. Our policies are issued on an ‘any one claim’ basis, which means each claim made during the period is covered by its own, full limit.

Market

All sorts of professional practices, from sole-traders to large multidisciplinary firms.

Features & Benefits

    • A wide range of policies covering specific professions, or for other specified fields
    • ‘Any one claim’, not aggregated annual limit
    • Cover is provided on a broad civil liability basis
    • Dedicated claims handler to ensure effective and prompt defence and resolution

Cover

  • Policies are tailored to the nature of the profession

    Our civil 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 
       
    Defence costs in addition to Policy Limits (policy retention is not applicable to defence 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
Chartis Offerings