The amendment to the Legal Profession (Amendment) Act 1992 which came into force on 1 April 1992 has made it compulsory for legal practitioners to have Professional Indemnity Insurance. In line with the amendment, lawyers based in West Malaysia can choose to protect themselves by procuring the Professional Indemnity Excess Layer for Lawyers insurance policy.
This policy will indemnify the Insured for damages up to but not exceeding, in the aggregate, the sum stated in the policy as the Limit of Indemnity, for any claim first made, against any or all insured, during the Period of Insurance in respect of any civil liability incurred in the course of the conduct of the profession by the practice, provided always that there shall be no liability hereunder for any claim made against the insured by reason of any act, error or omission committed or alleged to have been committed prior to the retroactive date specified in the policy.
Allianz shall only be liable under this insurance for damages in excess of damages in the amount of the deductible stated in the policy. The policy will pay defence costs, which shall be payable within the limit of indemnity stated in the policy, provided that a payment of damages exceeding the limit of indemnity of the primary policy has been made to dispose of a claim. Allianz shall contribute to the said defence costs in direct proportion that Allianz’s share of payment of the damages bears to the total damages payable, however, Allianz maximum indemnity for damages and defence costs shall not exceed the limit of indemnity stated in the policy.
This policy will indemnify the Insured for damages up to but not exceeding, in the aggregate, the sum stated in the policy as the Limit of Indemnity, for any claim first made, against any or all insured, during the Period of Insurance in respect of any civil liability incurred in the course of the conduct of the profession by the practice, provided always that there shall be no liability hereunder for any claim made against the insured by reason of any act, error or omission committed or alleged to have been committed prior to the retroactive date specified in the policy.
Allianz shall only be liable under this insurance for damages in excess of damages in the amount of the deductible stated in the policy. The policy will pay defence costs, which shall be payable within the limit of indemnity stated in the policy, provided that a payment of damages exceeding the limit of indemnity of the primary policy has been made to dispose of a claim. Allianz shall contribute to the said defence costs in direct proportion that Allianz’s share of payment of the damages bears to the total damages payable, however, Allianz maximum indemnity for damages and defence costs shall not exceed the limit of indemnity stated in the policy.
