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 works a bit differently. These professional indemnity insurances can cover incidents from the past as well. The use of […]
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 […]
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 […]
What is tail coverage on a claims made professional indemnity policy?
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 […]
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 […]