PROFESSIONAL
INDEMNITY POLICY
POLICY NO. SCPI/
Whereas the person or persons, firm or
company, named in the Schedule herein (hereinafter called “the Insured” which
expression shall include any other person or person who may at any time during
the period of this Insurance specified in the Schedule become a partner,
director or other officer of the Insured
named in the Schedule) has made to Bahrain Kuwait Insurance Company B.S.C.
(hereinafter called “The Company”) a written proposal, bearing the date stated
in the Schedule and containing particulars and statements, which it is hereby
agreed are the basis of this contract and are to be considered as incorporated
herein, and have paid the premium stated in the Schedule.
Now
the Company to the extent and in the manner hereinafter provided hereby
agrees to indemnify the Insured, or their Executors or Administrators against
liability and costs as herein provided;
such payment to be made after the amount of such liability and costs is
proved.
Signed for and on behalf of the Company
this
Conditions:
1. In respect of each claim made against the Insured the amount
specified in Item 6 of the Schedule shall be borne by the Insured at their own
risk and the Company shall only be liable to indemnify the Insured in excess of
such amount.
2. The Insured shall not admit liability for or settle any
claim or incur any costs or expenses in connection therewith without the
written consent of the Company, who shall be entitled at any time to take over
and conduct in the name of the Insured
the defense or settlement of any claim.
Nevertheless, the Insured shall not be
required to contest any legal proceedings unless a Counsel (or the equivalent
who is legally qualified and practices as a senior lawyer in the country stated
in Item 8 of the Schedule), to be mutually agreed upon by the Insured and the
Company, shall advise that such proceedings should be contested.
3. The Company shall not settle any claim without the consent
of the Insured. If, however, the Insured
refuses to consent to any settlement
recommended by the Company and elects to contest or continue any legal
proceedings in connection with such claim, then the Insurer’s liability for the
claim shall not exceed the amount for which the claim could have been so
settled plus the costs and expenses incurred with their consent up to the date
of such refusal.
4. The Insured shall as a condition precedent to their right to
be indemnified under this Insurance give to the Company immediate notice in
writing of
a) any claim made against the
Insured,
or
b) the receipt of notice
from any person of an intention to hold the Insured responsible for the results
of any breach of duty as Insurance Brokers of Insurance Agents
or
c) any circumstance of which the Insured shall
become aware, during the period set forth in the Schedule, which may
subsequently give rise to a claim against the Insured.
Such notice having been given as required
by (b) or (c) above, any subsequent claim arising therefrom shall be deemed to
have been made during the period of this Insurance specified in the Schedule.
The
Insured shall upon request give to the Company such information as Company may
reasonably require.
5. If any payment is made under this Insurance in respect of a
claim, the Company shall be subrogated
to all the Insured’s rights of recovery in relation thereto. The Company shall not however exercise any
such rights against any employee of the Insured.
6. The Company hereon agree that:
i) In the event of a dispute arising under this Insurance, the
Company at the request of the Insured
will submit to the jurisdiction of any competent Court in the country stated in
Item 8 of the Schedule. Such dispute
shall be determined in accordance with the law and practice applicable in such
court.
ii) Any summons notice or process to be served upon the Company may be
served upon the person or firm stated in item 9 of the Schedule who has
authority to accept service and to enter an appearance on Insurer’s behalf, and
who is directed at the request of the Insured to give a written undertaking to
the Insured that they will enter an appearance on Insurer’s behalf.
7. If the Insured shall make any claim knowing the same to be
false or fraudulent, as regards amount or otherwise, this Insurance shall
become void and all claim hereunder shall be forfeited.
Schedule
1. Policy No.
Proposal dated:
2. The Insured being:
the name of the firm or company, and in the case of a partnership the names of the present
partners.
3. The
Address (es) of the Insured:
4. The
period of insurance is from to both days inclusive.
5. Total
sum insured:
6. The
amount to be borne by the Insured under Condition 1
7. Premium
8. Country
of Law and Jurisdiction
9. Person
or firm upon whom notice or process may be served in accordance with Condition 6.
10. Special
Exclusions/Conditions
1. Insured activities
limited only to insurance broking and excluding any investment consultancy or advice.
2. Excluding
Directors and Officers liability.
3. Costs &
Expenses (both claimants and defence) included in the limit and not in addition.
4. Excluding any
underwriting/binding authority on behalf of any insurance company.
5. Seepage and Pollution exclusion.
6. Retroactive date
is equal to inception date.
Dated in
the
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