PROFESSIONAL FEES CLAUSE (10% of loss)

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Subject to the Sub Limit of Liability as stated in the Schedule for Professional Fees and Claims Preparation Costs, the insurance under this Clause is to cover :

  • such reasonable professional fees as may be payable by the Insured.
  • such other reasonable expenses reasonably incurred by the Insured and not otherwise recoverable, for preparation, proving and/or verification of claims made by the Insured under this Policy.
  • the costs of arbitration if incurred and such reasonable professional fees and other reasonable expenses related thereto.

For the purpose of this Clause such reasonable professional fees shall include but not be limited to fees for financial advisors, accountants, loss adjusters, insurance brokers, business interruption claims advocates and preparers and valuers appointed by the Insured and such other reasonable expenses shall be deemed to include salaries, wages and overheads of the Insured’s employees.

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