Under a professional indemnity insurance policy, a party or each person is indemnified separately with regard to claims made against the party or person by any other party or person (excluding the insured). This is subject to the insurance company’s total liability limit, which should not exceed as specified in the policy terms and conditions. […]
Articles Tagged: professional indemnity insurance
Which Professional Services Should Consider Buying Professional Indemnity Insurance?
Professional Indemnity Insurance also known as PI insurance, Errors, and Omission or Professional Liability Insurance is the cover that protects professional advice and service-providing individuals from bearing the full cost of defending against a lawsuit raised by a client and damages awarded during a lawsuit. It means, if the third party suffers any loss or […]
What is libel and slander clause in professional indemnity insurance?
It is a useful clause in a professional indemnity insurance, which offers coverage against defamation cases filed against the policyholder. Libel and Slander include those defamatory statements or materials which can have the negative impact on the reputation of a person in the eyes of the other. Here the statement may be made either in […]
What Kind of Liability Insurance Does a Consultant Need?
Need for Liability Insurance coverage for Consultants Various companies hire consultants and avail their services for the growth of their business. Further, many professionals open their consultancy firms and often work either out of home or from an office suite. As a consultant you or your employees would be offering a service or imparting advice […]
What is Run Off Cover in Professional Indemnity Insurance?
In a professional indemnity insurance, a run off cover is there to safeguard you against those losses or damages which may arise after your professional or business has ceased to trade. If you have been involved in providing professional services, ongoing professional indemnity insurance is essential. Moreover, you could also remain liable for claims which […]
What is the concept of AOA: AOY in Doctor’s Professional Indemnity Insurance?
The medical profession is considered a noble one. However, there have been cases of patients and relatives accusing doctors of medical negligence and misdiagnosis. In this article, we will discuss AOA: AOY in Doctor’s Professional Indemnity Insurance. Meanwhile, Indian laws have become stringent on matters of medical malpractice, breach of duty, and negligence. Hence, the […]
How does Professional Indemnity Insurance Benefit the IT Firms?
With the Professional Indemnity Insurance, IT Firms get the cover for legal expenses and cost occurred with any claim filed against them by any of their clients. The primary goal of a professional indemnity insurance is to safeguard IT professionals against any financial losses from lawsuits, which can be raised against them by their clients […]
How Premium is Decided Under Professional Indemnity Insurance
A professional indemnity insurance plays a crucial role by offering you financial coverage against professional negligence and errors. Within the field of risk management, buying a professional indemnity insurance (also called errors & omissions insurance policy) is a crucial step which you can take towards hedging your potential risks. If you are in the market […]
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, […]
Duties of Insured Under Professional Indemnity Insurance When a Loss Occurs?
When a loss occurs, the insured has the following duty under professional indemnity insurance: Give written a notice to the insurance company immediately or as reasonably practicable of claims made against the Insured. Advise the Insurance Company of any circumstance or a specific event which can lead to a claim against the insured. Immediately forward […]