Professional indemnity (PI) insurance is designed to cover you against lawsuits and ensuing defence costs you might face if your work, service, or advice causes clients to suffer a loss arising out of your alleged professional negligence.
We at DIOT-SIACI Middle East structure professional indemnity insurance policies for various industries and ensure bespoke wordings, which cater to specific risks related to your profession & industry making sure the policy is on a ‘claims-made basis’ and providing you with a retroactive cover for your past works with an extended reporting period of 10 years based on the contractual requirements. The policy provides coverage for defense costs, regulatory hearings and pays for all damages that may occur.
A PI policy must extend to cover the following:
- Dishonesty of employees
- Loss of documents
- Infringement of copyrights
- Libel & Slander
- Unintentional Breach of Confidentiality
- Costs of mitigation
- Vicarious liability that provides for acts of your subcontractors etc.