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Commercial Insurance Professional Indemnity

Professional Indemnity

Professional Indemnity, sometimes also referred to as ‘Professional Liability Insurance’ or ‘PI’ typically covers legal costs incurred in your defense as well as any damages that may be awarded in court in case of professional negligence. Some policies are also extendable to cover libel, slander and defamation as well as dishonesty of employees or breach of confidentiality.

This insurance is typically designed to cover professionals such as accountants, doctors, lawyers, notaries, architects and many others, but is also suitable for management and business consultants, designers, recruitment agencies, IT professionals, tutors etc.

This type of insurance policy provides you with piece of mind, if you are alleged to have provided an inadequate service or advice, or perhaps inadequate designs to a client of yours which might cause loss or revenue.  

There are various professions which need to have Professional Indemnity insurance in place, as required by their respective industry body’s regulatory requirements.

Whether you are obliged to have Professional Indemnity insurance in place or not, it is extremely important to consider that you might be liable for huge amounts worth of compensation payments and relative legal costs.

ClaimQuoteFAQs

Please fill in the following form to make a

Professional Indemnity Claim:

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Please fill in the following form to ask for a

Professional Indemnity Quote:

  • Kindly fill in the form below and we will be in touch with you shortly. Alternatively feel free to contact us on our Commercial Insurance Phone number: +356 2016 1622 or by email on contact@vinginsurance.com.
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Frequently Asked Questions

What is the difference between an ‘any one claim’ and an ‘aggregate policy’?
These two terms are different basis of cover on a professional indemnity policy. An ‘any one claim’ policy provides cover up to the full limit for each individual claim made during the insurance period, whereas an ‘aggregate’ policy provides cover up to the full limit for all claims made during the period of insurance.

What does ‘claims made’ mean?
A ‘claims made’ policy would typically provide cover for all claims made to the Insurer dur-ing the period of insurance. In other words, any wrongful acts which have occurred and reported to the Insurer during the period of insurance would be covered. On the other hand, should the policy be cancelled or not renewed, no claims would be covered by the policy, regardless of when the wrongful act occurred.

What is ‘run-off’ cover?
A ‘run-off’ cover insures you against claims brought against you after your business / profession has stopped trading. Retired professionals / business owners would typically require this type of insurance cover.

What might be excluded from a Professional Indemnity Insurance Policy?
These are some of the main exclusions that would typically apply in a Professional Indemnity Insurance Policy:

  • Terrorism or warfare
  • Pollution
  • Radioactive Contamination
  • Bankruptcy or liquidation
  • Any claims related to other insurance policies such as Employers’ Liability Policies, Directors and Officers Policies or other Liability Policies
    Injuries and/or damages caused outside professional duties
  • Claims occurred in the past
  • Any third-party injuries or property damage resulting from anything other than a failure to maintain the minimum standards as required by law
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(Cap. 487 of the Laws of Malta) to carry on business of insurance broking and regulated by the Malta Financial Services authority (MFSA)
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