Insurance taken out by a professional firm, eg. solicitors, to cover itself against claims for negligent acts, omissions or advice, up to the financial limits detailed in the policy.
Insurance intended to protect the insured from the legal consequences of the actions of an individual or a third party e.g. the policy would pay the costs incurred by any legal action and consequent award, resulting from, say, professional negligence.
An insurance policy that covers advisers in the event of loss due to negligent advice. (see also Choosing a financial planner)
An insurance policy that protects a business from negligence in the workplace. It is commonly used by lawyers, doctors, and architects.
A type of insurance cover which each ARLA Member Firm is required to hold as a condition of membership, to provide indemnity against claims for compensation by clients who sustain a financial loss arising out of professional negligence by directors, partners or employees in the conduct of their business.
Protects professionals against liability claims resulting from negligent work.
Insurance that covers the company you are dealing with in the event that you should seek financial compensation from them. This also protects the consumer in case they are substantially out of pocket due to a mishap caused by the financier. It is also a good idea to ask the broker you are dealing with if they have PI, because the insurance company will have thoroughly investigated them before offering insurance.
Indemnity to a professional man or firm against legal liability to compensate a third party who has sustained injury, loss or damage through breach of duty.
insurance that indemnifies a professional against their legal liability towards third parties for loss arising from their professional negligence or that of their employees.
Professional indemnity insurance provides protection to professional people (eg lawyers, accountants, doctors and actuaries) to protect them against claims for negligent advice given to clients.
