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 […]
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, […]
Do past claims cause higher premium in Professional Indemnity Policy?
Yes, past claims impact the premium of a professional indemnity insurance policy. Insurance companies evaluate a firm’s claim records over the past five to ten years as a likely barometer of future incidents. Thus, the size and the frequency of a previous claim is taken into account and has a significant bearing on a firm’s […]
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, […]
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 Much does Errors and Omissions Insurance Costs?
If you are into the service industry, you might always run the risk of being sued by customers in case they incur losses due to your products or services. Errors and omission insurance policy, also called professional liability insurance, offers protection to companies and their subsidiaries for such claims which are brought against them by […]
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 […]
5 Ways A Professional Indemnity Insurance Can Help Attract Talent
Doctors are considered to be potential lifesavers that people look up to in times of emergency. The medical profession is revered in India, and its high-income levels and dignified aura make it a favourite among people of all ages. But, as with everything, this profession is also driven by several negative forces that are growing […]