For businesses or professionals that offer specialist service or advice, professional indemnity insurance is a boon. Also called, errors & omissions insurance, the policy covers claims which are made against such professionals by people who allege that they have incurred losses due to their professional acts. Along with compensating the unhappy client, the errors & […]
Articles Tagged: Errors and Omission Insurance
What is a retroactive date and how does it apply to a professional indemnity policy?
Most of the insurance policies that we know start their cover from a given date as stated in the policy document. Otherwise, insurers would run out of money paying past claims. However, most professional indemnity insurance works a bit differently. These professional indemnity insurances can cover incidents from the past as well. The use of […]
Should You Buy A Professional Indemnity Insurance?
Professional Indemnity Insurance policy protects an individual from any third-party liability arising due to any mistake or decision made by the individual, working as a service provider in his/her professional capacity, that may have not gone down well with the party receiving the service. In certain professions like medical services, even a single mistake can […]
Do I need professional indemnity Insurance as an engineering consultant?
Indemnity Insurance for Engineering Consultants An engineering consultant is a professional adviser who with his due diligence and reasonable skills provides assistance in engineering projects. Professional Indemnity Insurance for Engineering Consultants (PLI) covers negligent acts, errors, and omissions, which are inherent in professional services. Engineering projects can lead to defects, low-quality production, measurement errors, copyright […]
What are the professional indemnity insurance advantages?
Professional indemnity insurance is one of the most popular insurance among professionals since it saves them and their business at the time of error and omission. Negligence, incorrect advice, violation of good faith, misrepresentation or breach of professional duty might bring doomsday for your business because clients these days are more conscious about their rights. […]
Is it a legal requirement to have professional indemnity insurance?
Being a professional or consultant comes with a few must-dos: Getting a proper professional indemnity insurance coverage is the most important one as it provides a shield against the financial blow of unexpected occurrences. It saves yourself from huge financial trouble in the long run. It is not a legal requirement to have professional indemnity […]
Professional Indemnity Insurance / Errors & Omission Liability Insurance
Q1. What is Professional Indemnity (PI) Insurance? Professionals Indemnity is for professionals such as: – architects, engineers, doctors, lawyers, chartered accountants, and medical practitioners, and services such as medical establishments need to protect their business interests. The policy is also known as Errors and Omission (E&O) Liability insurance and is typically taken by services companies […]
What is a “Claims Made and Reported” in Professional Liability Insurance Policy?
Most of the professional liability insurance policies offer coverage on the basis of ‘claims made and reported basis’, requiring claims to be made and reported during the applicable policy tenure only. Simple right? However, there are certain components which must be satisfied to ensure the coverage,which are as below:- Make sure the coverage is active […]
What is IPR Infringement Clause in Errors and Omission Insurance?
In today’s highly competitive world, there has been a rise in the consumer-friendly nature of legal environment across India. It makes it necessary for the people working in different areas to pay utmost care towards the manner in which they are discharging their duties otherwise they could be sued. In the recent times, it is […]
What are the various areas where professional indemnity insurance has become necessary for Service providers in India?
An act of negligence, error, or omission can cause a service provider to lose a large amount of money to compensate for the mistake. Clients claim for losses that can be financial in nature or can be caused by bodily injury. Such incidents bring the dire need for professionals in various areas to insure themselves […]