This Takaful policy indemnifies the Insured against any sums for which the Insured becomes legally liable as a direct result of any negligent act, error or omission made by him during the performance of his duties as a professional ( e.g. engineers, architects, lawyers, accountants, Insurance Brokers etc.).
Indemnity will be provided in accordance with the limits, conditions and activities defined in the policy. The relevant proposal form has to be completed by the client and be submitted to the Insurers for proper assessment of risk.
The policy can be arranged on either;
Annual Cover Basis
Pl Insurance is usually purchased as an annually renewable policy covering the Professional’s operations as a whole as distinct from a specific project.
Single Project Professional Indemnity (SPPI)
This type of Professional liability Insurance is arranged around the lifecycle and needs of a specific construction project.