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Professional Indemnity Insurance
What is Professional Indemnity Insurance?
Professional Indemnity Insurance provides protections for the advice given by a
range of professions. Normally Public Liability Insurance will exclude the advice
given when it is not incidental to a sale. Professional Indemnity Insurance covers
your firm in the event that a client suffers a financial loss due to your action
or inaction. It typically covers neglect and omissions and will meet the costs of
defending claims and any damages payable. By giving advice or designing you are
perceived as both a professional and an authority in your field of expertise. Therefore,
if a professional holds themselves out as having a special skill, which can be relied
upon by another, they should consider Professional Indemnity Insurance as crucial.
How much cover should I have?
While the amount of covers and type of covers may be governed by the requirements
laid down by professional bodies. It is critical that the sums insured reflect your
profession correctly. In today's litigious business world the claim can take anything
up to 5 years to make it to the court system and while sum insured need to reflect
your needs they also need to reflect what may happen in a court room of the future.
What is Directors and Officers Insurance?
Increasing corporate governance and regulatory surveillance is placing greater pressure
on company directors and officers to perform meticulously.
Professional Risks Directors and Officers Liability Insurance (D&O Insurance)
is designed to protect the personal assets of directors and officers by providing
indemnity for loss arising from a claim as a result of a 'wrongful act' committed
by them in the course of performing their duties.
Directors and Officers extends to meaning trustees of trusts including Superannuation
Trustees, and board members of associations.
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