Professional Liability – Insurance With Purpose Agency, Inc

Commercial Property & Casualty Business Insurance Solutions

Professional Liability Errors and Omissions (E&O) Insurance

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Professional Liability Insurance Coverage Solutions

To Obtain a Quote for Professional Liability coverage...

We will need the following information:

1. Business Information: Name, address, and contact details of the business.
2. Professional Services: Detailed description of the professional services provided by your business.
3. Credentials and Certifications: A list of relevant credentials and certifications held by your business and its employees.
4. Risk Management Practices: Description of the risk management and quality assurance measures in place.
5. Claims History: Details of any previous claims or legal actions taken against your business.

Disclaimer:

Insurance policies and coverage vary by company and policy form. Always review your policy for specific details. If you have questions or need clarification, consult a professional insurance advisor. The information provided on this website is for general informational purposes only and is not intended to be professional, financial, medical, or legal advice. If you require advice on a specific issue or problem, it is recommended that you seek the guidance of a licensed professional or attorney. This website and its content should not be relied upon as a substitute for such professional advice.

Understanding Professional Liability Insurance

Who needs Professional Liability Insurance?

Professional Liability Insurance, often referred to as Errors and Omissions (E&O) Insurance, is designed to protect professionals and businesses against liability incurred as a result of errors and omissions in performing their professional services. This type of insurance is crucial for professionals such as doctors, lawyers, architects, engineers, consultants, and accountants, among others. Here’s a detailed and technical exploration of the coverage components of Professional Liability Insurance, followed by a breakdown of the ISO Commercial Lines Property Policy typically used nationwide.

Professional Liability Insurance Coverage

1. Claims-Made Coverage:

Trigger: This insurance typically operates on a claims-made basis, meaning coverage is triggered when a claim is made against the insured during the policy period, regardless of when the wrongful act occurred.
Retroactive Date: Policies include a retroactive date; incidents that occurred before this date are not covered, even if the claim is made during the policy period.

2. Coverage Elements:

Defense Costs: Covers legal defense costs, which are often included within the limits of liability. This can erode the limits available to pay settlements or judgments.
Settlements and Judgments: Covers the amounts that the insured is legally obligated to pay as a result of claims for professional negligence, including settlements and court-awarded damages.

3. Exclusions:

4. Extensions and Endorsements:

ISO Commercial Lines Property Policy

The ISO Commercial Lines Property Policy provides a standardized framework for property insurance, which is adapted by insurers to meet state-specific requirements such as those nationwide. The policy consists of several key forms and endorsements:

1. Building and Personal Property Coverage Form (CPP 00 10):

Property Covered:

Property Not Covered includes but is not limited to accounts, bills, currency, animals, automobiles, and electronic data.

2. Causes of Loss Forms:

Basic Form (CP 10 10) includes perils like fire, lightning, explosion, and vandalism.

Broad Form (CP 10 20) covers all basic form perils plus additional perils like falling objects and water damage (excluding flood).

Special Form (CP 10 30) offers coverage against all risks of direct physical loss unless explicitly excluded. Exclusions can include ordinance or law, earth movement, governmental action, nuclear hazard, utility services, and war and military action.

3. Additional Coverages typically included:

Debris Removal: Provides additional coverage for the expense of removing debris caused by a covered loss.

Increased Cost of Construction: Covers the additional costs to meet current building codes when repairing or replacing a damaged building.

Fire Department Service Charge: Covers charges imposed by a fire department for their service to a covered location.

4. Conditions and Exclusions:

Policies set forth conditions under which coverage is provided and detail the duties of the insured in the event of a loss, how losses will be valued, and how claims will be settled.

Exclusions can limit coverage for certain risks, activities, or circumstances, thus defining the policy’s limitations.

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