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 […]
Errors & Omissions
How much professional indemnity insurance cover do I need?
Professional Indemnity Insurance provides financial protection against negligence, breach of duty etc. if being a professional you are not prepared for events like error or omission, breach of duty etc, it can prove to be the recipe for ultimate failure. It is very important to buy professional indemnity insurance with an optimum level of coverage. […]
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 […]
Does Professional Liability Insurance Protect Us From Copyright Infringement Lawsuits?
Yes, a professional indemnity insurance policy can give protection against copyright infringement lawsuits. Professional liability insurance, which is also called, errors & omissions insurance policy, offers coverage against professional risks and related legal expenditures. The errors and omissions insurance has an IPR infringement clause which offers coverage in case there is a violation of intellectual […]
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 […]
Buying Professional Indemnity Insurance? 5 Mistakes to Avoid
It’s widely known that companies and professionals alike enjoy numerous benefits by purchasing professional indemnity insurance. Also called errors and omissions insurance, this type of policy offers financial assistance in the event that a lawsuit is brought against professionals or companies, and they are held responsible for professional negligence or error. However, when you decide […]
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 […]
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 […]