Info About Insurance

Coverage: 
 
This policy covers the professionals in the individual capacity and or as firms either on annual basis on project basis. The indemnification is available for all sums the policy holders/insured/ their named employees for which they become legally liable to third parties.  
 

Meanings:   
 

Damage to material – means and includes destruction of or damage to  or loss of tangible property.

Construction damage – (material damage to or defects in objects built by Third Party on basis of planning work done by insured or under his supervision).

Death, bodily injury attributable to error or omission.

The claim has to occur during the period of insurance. 
 

For claims arising from any damage or injury, which has origin in neglect error or omission, Liability has to be established during the period of insurance commencing from retroactive date shown in the Schedule. 
 

In the normal course of all claims for compensation have to be legally established in a court law.   However, insurers may arrive at compromised settlement if prima-facie liability exists under the policy. 
 

The limits of indemnity in respect of any one accident would be limited to 25% of any one year limit under the policy.   The Policy may be cancelled by the insured in which case the company will retain premium at short period scale as applicable. 
 

For the purpose of computation of premium annual fees shall means average of past 3 years fees earned or current year’s projected annual fees whichever is higher. 
 

Compulsory excess: ½% of any one year limits subject of minimum Rs.5000 and maximum of Rs.1 lac. 
 

Voluntary Excess:   Discount in premium is permissible as provided in General Rules and Regulations.