Professional liability insurance

10 July 2011 Reading: 2 min Views: 3 175

Professional Liability Insurance

Professional liability insurance is insurance of a specialist's liability in the event that property or other damage is caused to third parties as a result of their professional activities. Professional liability insurance is a voluntary class of insurance, which means that all terms can be agreed with the Insurance Company by mutual agreement of the parties, while, of course, relying on the Insurance Rules. Liability insurance is a necessary class of insurance for companies that work with the public and a wide range of consumers, since this increases the likelihood of an insured event that may cause harm to a consumer. As for the popularity of professional liability insurance, this class of insurance is gaining popularity as the number of consumers of specialized services grows, mainly those provided by medical professionals, lawyers, auditors and other specialists with a high level of personal professionalism, who, like all people, are prone to errors and omissions in their work.

Professional Liability Insurance Contract

A professional liability insurance contract and the procedure for concluding it do not differ from other classes of insurance: first an application form is completed, then an underwriting assessment is carried out, after which the terms and rates are agreed, the contract is signed and payment is made.

Insurance Payout under a Professional Liability Insurance Contract

It is made when the Policyholder incurs civil liability to compensate for harm to the life or health of, and (or) damage to the property of, third parties caused in the course of the professional activities provided for by its Charter (Regulations, licence).

Activities That Carry Professional Liability Insurance

- audit activities;
- activities of private notaries;
- carrier activities;
- activities of security agencies;
- valuation activities;
- medical practice;
- and other activities.

Price of a Professional Liability Insurance Contract

The price, rate and cost of a professional liability insurance contract depend primarily on the following factors:

length of experience in this type of activity
loss ratio and history of insured events
nature of the activity
professionalism of the specialists

For more detailed information, please contact the insurance brokers and agents listed in the association's register.

Professional liability insurance

Professional Liability Insurance

Professional Liability Insurance Contract

Insurance Payout under a Professional Liability Insurance Contract

Activities That Carry Professional Liability Insurance

Price of a Professional Liability Insurance Contract

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