Professional indemnity insurance, popularly known as PI Insurance or professional liability insurance (PLI), offers coverage to professionals like consultants, lawyer, architects, doctors etc against the error and omission claims filed by a third party i.e. clients. This policy indemnifies you against the legal cost and protects your professional reputation. Any claims arising out of negligence […]
Articles Tagged: errors and omissions insurance policy
What is tail coverage on a claims made professional indemnity policy?
The shortfall of a claims-made policy is the limited time frame of notification within which the claim has to be reported and if the claim is not addressed during the policy term period, it will not be paid. In order to deal with this shortfall, the provision of tail coverage came into the picture. Tail […]
What is Extended Claim Reporting Clause in Professional Indemnity Policies and How does it work?
A claim must be immediately reported to the insurance company during the policy period for it to be covered and settled properly. A professional will not get the benefits of policy coverage if the claim is made after the expiration of the policy. However, some policies have the option to purchase an extended reporting period. […]
How to Reduce Premium of Professional Liability Insurance Coverage?
A professional liability insurance plays a crucial role in protecting you against legal claims for errors, omission and professional negligence. Also known as errors and omissions insurance policy, it indemnifies the policyholder against various claims which may arise due to a breach of duty, negligence, etc.; while discharging duties. Considering the vital role played by […]
What are Insurers Rights Under Professional Indemnity insurance in Case of a Loss?
Insurers Rights under Professional Indemnity insurance, in case of a Loss The insurer can defend claims against the insured and has the right to take over the defense. The insurer also has the right to have full discretion while conducting and settling any proceedings. Insurers’ rights under Professional Indemnity insurance in case of a loss, […]
What are the Clauses Under Errors and Omissions Insurance Policy?
Errors and omissions insurance or professional indemnity cover offers protection to the company and its subsidiaries against various claims which can arise in respect of negligence, errors or omissions while discharging their professional services. Every professional, irrespective of in which domain he/she is working, should purchase errors and omissions insurance policy. While taking the policy, […]
How is Claim Processed in Professional Indemnity Insurance?
There are keys terms which are prominent in Professional Indemnity Insurance: Liability : Responsibility Legal liability : Responsibilities enforced by law. This can be categorised as civil liability and criminal liability. For the purpose of professional indemnity insurance, only claims falling under civil liability are payable. For claims falling under civil liability, if there […]