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 & […]
Errors & Omissions
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 […]
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 […]