The Policy will indemnify the insured for loss resulting from insured’s wrongful acts. The wrongful acts must be by insured in performance of computer service for others for a fee. The wrongful act must take after retroactive date and before end of the policy period. The wrongful act means actual or alleged negligent act, error omission in the performance of computer services. However, the policy does not cover delay in performance or failure to perform any contract unless such claim is arising out of a wrongful act, liability assumed under any contract or agreement, actual or alleged intentional non-performance or default of any of the insured’s contractual obligations. The Policy may be extended to cover liability for loss of documents as also for employees dishonesty. Policy may be extended to cover (i) Loss of documents extension covering legal liability arising out of destruction/damage/loss of documents pertaining to insured’s customers which have been entrusted lodged or deposited with the insured. (ii) Loss of data extension covering legal liability arising out of destruction/damage/los of data pertaining to insured’s customers which have been entrusted, lodged or deposited with the insured. (iii) Dishonesty of employees covering liability of insured from any claim for fraud/dishonesty of any employee of insured (iv) Infringement of intellectual property rights covering compensatory damages for unintentional IPR infringements (v) Technology liability extension to cover hacking, virus attack, denial of service attack.

Trade association of insurance agents.

An association comprised of mutual insurance agents.

A form of errors and omissions insurance, (sometimes called malpractice coverage for errors alleged against those in the healing and legal professions). Arbitrarily it seems, errors and omissions is the term applied most often to insurance covering liability for mistakes in matters affecting property, for example, coverage for insurance agents E&ampO, architects E&ampO—while professional liability is used in reference to coverages such as druggists professional liability, physicians and surgeons professional liability, and lawyers professional liability.
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US: A type of liability coverage designed to protect traditional professionals (e.g., accountants, attorneys) and quasi-professionals (e.g., real estate brokers, consultants) against liability incurred as a result of errors and omissions in performing their professional services. Although there are a few exceptions (e.g., physicians, architects, and engineers), most professional liability policies only cover economic or financial losses suffered by third parties, as opposed to bodily injury (BI) and property damage (PD) claims. This is because the latter two types of loss are typically covered under commercial general liability (CGL) policies. The vast majority of professional liability policies are written with claims-made coverage triggers. In addition, professional liability policies contain what are known as “shrinking limits,” meaning that unlike CGL policies (where defense costs are paid in addition to policy limits), the insurer’s payment of defense costs reduces available policy limits. Accordingly, when attempting to determine appropriate policy limits, insureds must consider the fact that because defense costs are often a high proportion of any claim settlement or judgment, they must usually purchase additional limits. The most common exclusions in professional liability policy forms are for BI, PD, and intentional/dishonest acts.
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MEDICAL,USA,REFERENCE: See: malpractice.

Depending on the industry the insured works in, this term can refer to malpractice insurance or errors and omissions insurance.

The liability of a professional for errors or omissions in the pursuit or his profession.

Two or more people who work together to provide a public service, such as health care.