professional indemnity insurance

The Professional Indemnity (PI) insurance protects a professional such as an accountant, solicitor, architect and engineer against his legal liability to pay damages to persons who have sustained financial loss arising from his own professional negligence or that of his employees in the conduct of the business. The insurance offers indemnity strictly on legal liability basis. In addition to indemnifying the professional against his professional liability, the PI insurance also indemnifies him for defence cost and expenses incurred in respect of a claim.

May extend coverage to the following risks by paying additional premium:  

1. Libel & Slander  

2. Loss of Documents  

3. Dishonesty of Employees  

4. Consultants, Sub-contractors and Agents  

5. Incoming and Outgoing Partners  

6. Intellectual Property  

7. Newly Created or Acquired Entity or Subsidiary  

8. Partner’s Previous Business  

9. Run Off Cover

Profession that can take Professional Indemnity Insurance:

1. Accountant (Allianz and Etiqa Takaful)

2. Lawyer for East Malaysia. For West Malaysia may take excess layer (Allianz Only)

3. Estate Agent (Allianz Only)

4. Architect (Allianz and Etiqa Takaful)

5. Surveyor (Allianz Only)

6. Engineers (Allianz Only)

7. Property Manager (Allianz Only)

8. Dentist (Etiqa Takaful Only)

9. Medical Practitioner (Etiqa Takaful Only)