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Professional Indemnity Insurance order in Lagos
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Professional Indemnity Insurance

Professional Indemnity Insurance

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Nigeria, Lagos
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Description

Purpose

This indemnity ensures the payment of damages to persons who have sustained financial loss arising from the professional's negligence or that of his employee in the operations of the business. It protects against any action for damages brought against the insured in a court of law within Nigeria. It essentially. aims to protect the Professional person against any liability and is a "Claims Made" Policy since it covers claims made against the insured. These claims lead to deductibles which amount to 10 of the claim and may arise regardless of when the event giving rise to the claim occurred. They must be also first notified to the insured.

What it does not cover

Although this policy is widely applied, it has its limits which are determined by the insured with one automatic reinstatement and it does not cover the following claims:

This policy shall not cover claims:
  • risks which are more properly the subject of general public liability
  • Claims made or threatened or in any way intimated on or before the inception date of the policy unless mentioned on the proposal and not excluded by the insurer
  • Those brought about by dishonest, fraudulent, criminal or malicious acts or omission of the insured or its employeesSituations where the incident giving rise to the claim occurred prior to the retroactive date
  • Those claims which are notified under any previous policy
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Professional Indemnity Insurance
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