Errors and omissions insurance (also referred to as E&O coverage) is a specialized type of insurance designed to protect Notaries from financial losses they may incur due to unintentional errors or omissions in the course of performing their duties as Notary. The purpose of this type of insurance is to cover potential claims against the […]
Errors & Omissions
Does Professional indemnity insurance covers out-of-court settlements?
A professional indemnity insurance policy is also called errors and omissions insurance. It offers financial relief to a policyholder if they are sued for professional negligence or acts of omission/negligence. In such cases, the policy also covers defense costs, i.e., lawyer fees as well as court-awarded compensation for the plaintiff. Notice served to the policyholder […]
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 work a bit different. 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 […]
How a Professional Indemnity Insurance is Boon for Professionals and How to Buy it? – Infographic
If you are a professional service provider, you know the value of managing client relations and rapport in the market and how difficult it can be to maintain. A professional indemnity policy can help you avoid damage to the image or your financial health in the case of a claim of negligence by a customer. […]
Professions for which professional indemnity insurance becomes mandatory
A Delhi-based hospital was asked by the Apex Consumer Court in 2013 to pay a compensation of INR 4.1 lakh to the husband of a woman who died due to the doctor’s negligence during childbirth in the Delhi-based Parmarth Mission Hospital. This is not just one incidence where the service provider had to pay a […]
What is professional indemnity insurance?
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 […]
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 […]