Broad covers for Professional Liability
It covers breach of duty (which is the core exposure), negligent acts, errors, omissions, misstatements, misleading statements, breach of warranty of authority committed in good faith, or breach of confidentiality which occurs in the performance of - or failure to perform professional services.
It covers both libel (written defamation) and slander (verbal defamation).
Intellectual property rights
It covers liabilities arising out of the unintentional infringement of intellectual property rights, including copyrights, trademarks, service mark or service name, infringement of titles or slogans, misappropriation of ideas. (Trade secret and patent are not covered.)
It covers reasonable fees, costs and expenses incurred by or on behalf of the Insured in the investigation, defense, adjustment, settlement or appeal of any claim.
Inquiry attendance expenses
It covers the amount payable in respect of days in court as an actual witness.
It covers similar to that provided in Material Damage (property) policies and the Care Custody and Control cover often provided under General Liability. It applies where there has not been a professional breach of duty but nevertheless it is held that the Insured has a legal liability to their client.
Automatic subsidiary coverage
It covers newly created or acquired subsidiaries automatically as long as they fulfill three criteria: i. Revenue of subsidiary less than ten percent of the total gross revenue of Insured; ii. No revenue generated from USA/Canada; iii. Professional services are the same as Insured.
Extended reporting period (90 days)
If the Insurer cancels the policy, other than non-payment of premium or breach of terms on the policy, the Insurer has up to 90 days following the date of cancellation or expiry to give notice of any claim first made against the Insured during the policy period.