The purpose of the professional indemnity insurance is to compensate any losses caused to a third person as a result of negligence or a mistake whilst engaged in a professional activity, and it is provided for the following professionals:
- Architects/ designers;
- Civil engineers;
- Lawyers;
- Sworn advocates;
- Accountants;
- Sworn auditors;
- Surveyors
- Valuators;
- Geodesists;
- Insurance brokers;
- Insolvency administrators;
- Medical practitioners and institutions;
- And other professionals.
It indemnifies the financial losses, damage to health, life, physical state, material losses. It also covers the court expenses. In addition to this, it can also cover the lost profit, the cost of lost documents, a sudden or unforeseen contamination, and moral damages.