Professional Liability Real Estate


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Professional Liability Specified Professions
Professional Liability Real Estate
TATA AIG General Insurance Company Limited Regd. Office: 15th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,
Mumbai- 400013, Maharashtra, India.IRDA Registration No.108 CIN NO:U85110MH2000PLC128425
PRODUCT UIN : IRDAN108P0010V01200607 For more information call the Tata AIG Help line at 1800-266-7780
www.tataaiginsurance.in

Professional Liability Real Estate

Schedule
ITEMS Policyholder
Policyholder’s Main Address

Policy Number:

Professional Services

Real Estate Services

Policy Period Limit of Liability (Aggregate)

From:

To:

12:01 A.M. at the Policyholder’s Main Address

Retention (Each and Every Claim)

Retroactive Date

Premium

Date Proposal Signed

Insurer & Address

Claims Notice

Issued at > this > day of > 200
Signed by _____ for and on behalf of the Insurer.
....................................................................Authorised Signatory
TATA AIG General Insurance Company Limited Regd. Office: 15th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,
Mumbai- 400013, Maharashtra, India.IRDA Registration No.108 CIN NO:U85110MH2000PLC128425
PRODUCT UIN : IRDAN108P0010V01200607 For more information call the Tata AIG Help line at 1800-266-7780
www.tataaiginsurance.in

Notice
This is a claims made insurance policy. This policy will only apply to Claims first made against the Insured by a Third Party and reported to the Insurer during the Policy Period. The limits of liability available to pay judgments or settlements shall be reduced by amounts incurred for legal defence. Further, please note that the amounts incurred for legal defence shall be applied against the Retention amount.

Professional Liability Real Estate

In consideration of the payment of the Premium and subject to all of the provisions of this policy, the Insurer agrees as follows.
Covers
All cover under this policy is afforded solely with respect to Claims first made against an Insured during the Policy Period and reported to the Insurer as required by this policy.

Professional Liability The Insurer will pay on behalf of any Insured all Damages resulting from any Claim for any Breach of Duty of the Insured.

Intellectual Property The Insurer will pay on behalf of any Insured all Damages resulting from any Claim for any Infringement.

Defamation

The Insurer will pay on behalf of any Insured all Damages resulting from any Claim for libel or slander committed unintentionally by an Insured.

Fraud/Dishonesty

The Insurer will pay on behalf of any Insured, who is not the actual perpetrator, all Damages resulting from any Claim for Fraud/Dishonesty of any Employee.

Defence

The Insurer has the right to defend any Claim which this policy may respond to under its Covers or Extensions. The Insurer shall pay Defence Costs incurred in defending such Claim.

The Insurer is under no obligation to pay Loss, unless the Wrongful Act: (i) first takes place on or after the Retroactive Date; and (ii) is committed solely in the performance of or failure to perform Professional Services.

TATA AIG General Insurance Company Limited Regd. Office: 15th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,
Mumbai- 400013, Maharashtra, India.IRDA Registration No.108 CIN NO:U85110MH2000PLC128425
PRODUCT UIN : IRDAN108P0010V01200607 For more information call the Tata AIG Help line at 1800-266-7780
www.tataaiginsurance.in

Professional Liability Real Estate

Extensions
Court Attendance
Extended Reporting Period
Lost Documents

For any person described in (i) and (ii) below who actually attends court as a witness in connection with a Claim notified under and covered by this policy, Defence Costs will include the following rates per day for each day on which attendance in court has been required:

(i) for any principal, partner, or director Insured (ii) for any Employee

US$ 500 US$ 250

No Retention shall apply to this Extension.

If the Insurer cancels or does not renew this policy, other than for non-payment of Premium or any other breach of the terms of this policy by an Insured, the Policyholder shall have the right to a period of 30 days following the date of cancellation or expiry in which to give notice of any covered Claim first made against the Insured. That extended reporting period shall not apply if this policy or its cover has been replaced.

With respect to a Third Party’s Documents:

(i)

for which an Insured is legally responsible, and

(ii)

that, during the Policy Period, have been destroyed, damaged,

lost, distorted, erased or mislaid solely in the performance or

non-performance of Professional Services,

Damages shall also include costs and expenses reasonably incurred by the Insured in replacing or restoring such Documents provided that:

(a) such loss or damage is sustained while the Documents are either: (1) in transit; or (2) in the custody of the Insured or of any person to whom the Insured has entrusted them;
(b) where the lost or mislaid Documents have been the subject of a diligent search by or on behalf of the Insured;
(c) the amount of any Claim for such costs and expenses shall be supported by evidence of expenditure that shall be subject to approval by a competent person to be nominated by the Insurer with the consent of the Insured; and
(d) the Insurer shall not be liable for any Claim arising out of wear, tear and/or gradual deterioration, moth and vermin, or other matters beyond the Insured’s control.

This Extension will be subject to a Sublimit of Liability of US$ 100,000. A separate retention of US$ 1,000 instead of the Retention will apply to each Claim covered under this Extension.



TATA AIG General Insurance Company Limited Regd. Office: 15th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,
Mumbai- 400013, Maharashtra, India.IRDA Registration No.108 CIN NO:U85110MH2000PLC128425
PRODUCT UIN : IRDAN108P0010V01200607 For more information call the Tata AIG Help line at 1800-266-7780
www.tataaiginsurance.in

Definitions

Professional Liability Real Estate

“Bodily Injury” “Breach of Duty” “Claim” “Damages” “Defence Costs” “Documents” “Employee” “Fraud/Dishonesty” “Infringement” “Insured”
“Insurer” “Limit of Liability”

means physical injury, sickness, disease or death; and if arising out of the foregoing, nervous shock, emotional distress, mental anguish or mental injury.
means any actual or alleged negligent breach of duty, act, error, misstatements, misleading statements, breach of confidentiality or omission in the performance of or failure to perform Professional Services.
means any: (i) written demand or (ii) civil or administrative proceeding, that seeks Damages from Wrongful Acts.
means any amount that an Insured shall be legally liable to pay to a Third Party in respect of judgments rendered against an Insured, or for settlements negotiated by the Insurer with the consent of either the Insured or the Policyholder.
means reasonable fees, costs and expenses incurred by or on behalf of the Insured in the investigation, defence, adjustment, settlement or appeal of any Claim. “Defence Costs” shall not mean any internal or overhead expenses of any Insured or the cost of any Insured’s time.
means all documents of any nature whatsoever including computer records and electronic or digitized data; but does not include any currency, negotiable instruments or records thereof.
means any natural person who is or has been expressly engaged as an employee under a contract of employment with the Policyholder or any Subsidiary. “Employee” shall not mean any: (i) principal, partner or director; or (ii) temporary contract labour, self-employed person or labour-only sub-contractor.
means fraudulent or dishonest conduct of an Employee:
(i) not condoned, expressly or implicitly; and (ii) that results in liability to;
the Policyholder or any Subsidiary.
means an unintentional infringement of any intellectual property right of any Third Party, other than patents and Trade Secrets.
means:
(1) the Policyholder or any Subsidiary; (2) any natural person, who is or has been a principal, partner or director
of the Policyholder or any Subsidiary; (3) any Employee; (4) any temporary contract labour, self-employed persons, labour-only
sub-contractors, solely under contract with, and under the direction and direct supervision of the Policyholder or any Subsidiary; and (5) any estates or legal representatives of any Insured described in (2) and (3) of this definition;
but only when providing Professional Services in the foregoing capacities.
means the entity specified as such in the Schedule.
means the amount specified as such in the Schedule.

TATA AIG General Insurance Company Limited Regd. Office: 15th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,
Mumbai- 400013, Maharashtra, India.IRDA Registration No.108 CIN NO:U85110MH2000PLC128425
PRODUCT UIN : IRDAN108P0010V01200607 For more information call the Tata AIG Help line at 1800-266-7780
www.tataaiginsurance.in

Definitions (Continued)

Professional Liability Real Estate

“Loss”
“Policy Period” “Policyholder” “Pollutants”
“Premium” “Professional Services” “Property Damage” “Real Estate Services” “Retention” “Retroactive Date” “Subsidiary”
“Third Party” “Trade Secret”

means Damages and Defence Costs. “Loss” shall not mean and this policy shall not cover any (1) taxes; (2) non-compensatory damages, including punitive, multiple, exemplary or liquidated damages; (3) fines or penalties; (4) the costs and expenses of complying with any order for, grant of or agreement to provide injunctive or other non-monetary relief; (5) compensation, benefits or overhead of, or charges or expenses by any Insured; or (6) any matters which may be deemed uninsurable under the law governing this policy or the jurisdiction in which a Claim is brought.
means the period of time specified in the Schedule unless the policy is cancelled in which event the Policy Period will end on the effective date of the cancellation.
means the entity or natural person specified as such in the Schedule.
means, but is not limited to, any solid, liquid, biological, radiological, gaseous or thermal irritant or contaminant whether occurring naturally or otherwise, including asbestos, smoke, vapour, soot, fibres, mould, spores, fungus, germs, fumes, acids, alkalis, nuclear or radioactive material of any sort, chemicals or waste. “Waste” includes, but is not limited to, material to be recycled, reconditioned or reclaimed.
means the amount specified as such in the Schedule and any premium adjustment reflected in an endorsement to this policy.
means the professional services of the Policyholder and any Subsidiary as specified in the Schedule.
means damage to or loss of or destruction of tangible property or loss of use thereof.
means any services in connection with the management of or the purchase, sale, exchange, lease or rental of real property.
means the amount specified as such in the Schedule.
means the date specified as such in the Schedule.
means companies in which the Policyholder, either directly or indirectly through one or more of its Subsidiaries;
(i) controls the composition of the board of directors; (ii) controls more than half of the voting power; or (iii) holds more than half of the issued share capital.
For any Subsidiary or any Insured thereof, cover under this policy shall only apply to Wrongful Acts committed while such entity is a Subsidiary of the Policyholder.
means any entity or natural person; provided, however, Third Party does not mean: (i) any Insured; or (ii) any other entity or natural person having a financial interest of ten percent or more or executive role in the operation of the Policyholder or any Subsidiary.
means information that derives independent economic value, actual or potential, from not being generally known and not being readily ascertainable through proper means by other persons who can obtain economic advantage from its disclosure or use.

TATA AIG General Insurance Company Limited Regd. Office: 15th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,
Mumbai- 400013, Maharashtra, India.IRDA Registration No.108 CIN NO:U85110MH2000PLC128425
PRODUCT UIN : IRDAN108P0010V01200607 For more information call the Tata AIG Help line at 1800-266-7780
www.tataaiginsurance.in

“Wrongful Act”

Professional Liability Real Estate
means any Breach of Duty, Infringement, libel, slander, or Fraud/Dishonesty.

TATA AIG General Insurance Company Limited Regd. Office: 15th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,
Mumbai- 400013, Maharashtra, India.IRDA Registration No.108 CIN NO:U85110MH2000PLC128425
PRODUCT UIN : IRDAN108P0010V01200607 For more information call the Tata AIG Help line at 1800-266-7780
www.tataaiginsurance.in

Exclusions

Professional Liability Real Estate

This policy shall not cover Loss in connection with any Claim:

Antitrust

arising out of, based upon or attributable to any actual or alleged antitrust violation, restraint of trade or unfair competition;

Bodily Injury/ Property Damage

arising out of, based upon or attributable to Bodily Injury or Property Damage unless arising from an actual or alleged failure to achieve the legally required standard of care, diligence and expertise in performing Professional Services;

Contractual Liability/ Performance Guarantees

arising out of, based upon or attributable to any:
(i) contractual liability or other obligation assumed, that goes beyond the duty to use such skill and care as is ordinarily applied to the professional services provided;
(ii) guarantee or warranty; or (iii) delay in performing, failing to perform or failing to complete any
Professional Services, unless such delay or failure arises from a Breach of Duty by an Insured;

Costs Assessment

arising out of, based upon or attributable to any failure by any Insured or other party acting for the Insured to make an accurate pre-assessment of the cost of performing Professional Services;

Employment/Discrimination arising out of, based upon or attributable to any: (i) actual or alleged employment related: practices, harassment or discrimination; or (ii) intentional or systemic harassment or discrimination;

Insolvency

arising out of, based upon or attributable to the insolvency, administration or receivership of the Insured;

Infrastructure

arising out of, based upon or attributable to:

(i) mechanical failure; (ii) electrical failure, including any electrical power interruption, surge,
brown out or black out; or (iii) telecommunications or satellite systems failure;

Investments

arising out of, based upon or attributable to: (i) the provision of investment advice, selection of an investment manager or investment advisor; (ii) any estimate of the future value of any investment or property, or the rate of return or interest; or (iii) any failure of any investment to perform as expected;

Joint Ventures

arising out of, based upon or attributable to work carried out by the Insured for and in the name of any association or joint venture of which an Insured forms part;

Misdeeds

arising out of, based upon or attributable to any act which a judge, jury or other official tribunal or panel finds, or which an Insured admits, to be a criminal, dishonest or fraudulent act; and in such event, the Insurer shall be reimbursed for all Loss paid in connection with such Claim; provided, however, that this exclusion shall not apply to the Fraud/Dishonesty Cover.

Patent/Trade Secret

arising out of, based upon or attributable to the breach of licences concerning, infringement of or misappropriation of patents or Trade Secrets;

Pollution

arising out of, based upon or attributable to: (i) the actual, alleged or threatened presence, discharge, dispersal, release, migration or escape of pollutants, or (ii) any direction, request or effort to: (a) test for,

TATA AIG General Insurance Company Limited Regd. Office: 15th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,
Mumbai- 400013, Maharashtra, India.IRDA Registration No.108 CIN NO:U85110MH2000PLC128425
PRODUCT UIN : IRDAN108P0010V01200607 For more information call the Tata AIG Help line at 1800-266-7780
www.tataaiginsurance.in

Professional Liability Real Estate
monitor, clean up, remove, contain, treat, detoxify or neutralise Pollutants, or (b) respond to or assess the effects of Pollutants;

Precluded Services

arising out of, based upon or attributable to the performance of or failure to perform any legal, accountancy, architectural, development, engineering, construction or surveying services;

Prior Claims/Circumstance

(i) made prior to or pending at the inception of this policy; or (ii) arising out of, based upon or attributable to any circumstance that, as of the inception of this policy, may reasonably have been expected by any Insured to give rise to a Claim;

Trade Debts

arising out of, based upon or attributable to any: (i) trading debt incurred by an Insured or (ii) guarantee given by an Insured for a debt;

U.S.A./Canada

made or pending within; or to enforce a judgment obtained in, the United States of America, Canada, or any of their territories or possessions;

Valuation Services

arising out of, based upon or attributable to any valuation of real property; however, this exclusion shall not apply to Loss from any Claim in respect of any comparative market appraisal, estimate and opinion of the selling or buying price of any such real property; provided that such appraisal, estimate and opinion: (i) is written; (ii) specifies that it is not a property valuation; and (iii) is not used in connection with any loan or extension of credit; or

War/Terrorism

arising out of, based upon or attributable to any war (declared or otherwise), terrorism, warlike, military, terrorist or guerrilla activity, sabotage, force of arms, hostilities (declared or undeclared), rebellion, revolution, civil disorder, insurrection, usurped power, confiscation, nationalisation or destruction of or damage to property by or under the order of, any governmental, public or local authority or any other political or terrorist organisation.

Claims

Notification of Claims

The Insured shall, as a condition precedent to the obligations of the Insurer under this policy, give written notice to the Insurer of any Claim first made against the Insured as soon as practicable and during the Policy Period. All notifications must be in writing or by facsimile, and addressed as required in the Claims Notice Item on the Schedule.

Related Claims

If notice of a Claim against an Insured is given to the Insurer pursuant to the terms and conditions of this policy, then: (i) any subsequent Claim alleging, arising out of, based upon or attributable to the facts alleged in that previously noticed Claim; and (ii) any subsequent Claim alleging any Wrongful Act which is the same as or related to any Wrongful Act alleged in that previously noticed Claim, shall be considered made against the Insured and reported to the Insurer at the time notice was first given. Any Claim or Claims arising out of, based upon or attributable to (i) the same cause, or (ii) a single Wrongful Act, or (iii) a series of continuous, repeated or related Wrongful Acts, shall be considered a single Claim for the purposes of this policy.

Circumstances

During the Policy Period, an Insured may become aware of circumstances which may reasonably be expected to give rise to a Claim. In such event, an Insured may report the circumstances in writing to the Insurer. If in doing so, the Insured provides: (i) the reasons for anticipating the Claim, and (ii) full particulars as to dates, acts and persons involved; then any Claim which is subsequently made against an Insured and reported in writing to the Insurer alleging, arising out of, based upon or attributable to such circumstances, or alleging any Wrongful Act which is the same as or related to any Wrongful Act

TATA AIG General Insurance Company Limited Regd. Office: 15th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,
Mumbai- 400013, Maharashtra, India.IRDA Registration No.108 CIN NO:U85110MH2000PLC128425
PRODUCT UIN : IRDAN108P0010V01200607 For more information call the Tata AIG Help line at 1800-266-7780
www.tataaiginsurance.in

Professional Liability Real Estate
alleged or described in the previously notified circumstances, shall be considered first made against the Insured and reported to the Insurer at the time the facts or circumstances were first reported, if accepted by the Insurer.
TATA AIG General Insurance Company Limited Regd. Office: 15th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,
Mumbai- 400013, Maharashtra, India.IRDA Registration No.108 CIN NO:U85110MH2000PLC128425
PRODUCT UIN : IRDAN108P0010V01200607 For more information call the Tata AIG Help line at 1800-266-7780
www.tataaiginsurance.in

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Professional Liability Real Estate