Our financial risks include performance bonds, professional indemnity insurance, directors and officers liability insurance, and medical malpractice liability insurance.
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A surety bond is an agreement in writing involving three parties, namely the principal, the obligee and the surety, under which the surety, in consideration of a fee paid by the principal, provides a financial guarantee to the obligee that the principal will fulfil his obligations – statutory obligations, contractual obligations, etc. The surety protects the obligee against losses resulting from the principal's failure to meet the obligation.
Reputation is the most important thing for a professional. With increasing complexity of business world, a single claim on your professional practice may ruin your prospect and career. Therefore, professional indemnity insurance can protect you from bearing full cost of defence against negligence claim by client and also damages awarded in civil lawsuit.
A physician’s negligent act can cause bodily injury, deterioration or death to a patient. Therefore, malpractice indemnity insurance is specially designed to protect healthcare professionals against claims caused by their negligent or unintentionally harmful treatment decisions.
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