Liability Insurance

Professional indemnity

 

Professional indemnity insurance protects an individual or a business in the event of a customer or client making claim for financial loss against them as a result of non-performance, breach of duty of care or error or omission, misstatement or misrepresentation or professional negligence in the course of professional service.

It’s an essential piece of armor while providing professional advice or consultancy in any capacity.

Scope of cover

  • civil liability incurred in connection with the conduct of professional business including liability incurred;
  • will cover legal and defense costs associated with resolving or defending a claim;
  • loss of or damage to documents occurring in the conduct of the professional business insurer will indemnify the insured in respect of all costs and expenses reasonably in replacing or restoring documents;

Exclusions

Some of the basic exclusions are any claims:

  1.  arising out of or in connection with abuse
  2.  any dishonest or fraudulent act committed by any person after reasonable cause for suspicion of fraud or dishonesty
  3. arising out of or relating to insolvency or bankruptcy of Insured

An overview

Nyala Insurance Share Company (NISCO) was founded in July 1995 following the liberalization of the insurance business to the private sector in 1994 with the Licensing and Supervision of Insurance Business Proclamation No. 85/1994. Read more...

Investments

Apart from its major investments in real estates in the downtowns of Addis Ababa, Bahir Dar and Nazareth, Nyala Insurance selectively invests in various financial institutions like Dashen Bank, which have potentially high investment returns. Read more...

Contact us

Protection House, Mickey Leland Street

Tel: +251-11-6626679/80/76