Professional Indemnity Insurance
Basics of Professional Indemnity Insurance
As it name suggests, professional indemnity (PI) insurance is insurance given to cover the risk bear by professionals during their tenure of service provided to the second party. However, it does not cover contract work, e.g. core-logging, drilling, mapping (unless interpretation and/or advice is required).
The main feature of professional indemnity is its legal liability. Indemnity Insurance does not cover statutory or criminal liability. In simple words, this kind of insurance give you relief from the party that might file a case against a professional if that party suffered loss based on the professional’s opinion or advice. It does not cover State-inflicted penalties or criminal charges.
For more information on PI Insurance, Professional Indemnity, PI Cover please visit www.professionalindemnityinsurance.co.uk
As it name suggests, professional indemnity (PI) insurance is insurance given to cover the risk bear by professionals during their tenure of service provided to the second party. However, it does not cover contract work, e.g. core-logging, drilling, mapping (unless interpretation and/or advice is required).
The main feature of professional indemnity is its legal liability. Indemnity Insurance does not cover statutory or criminal liability. In simple words, this kind of insurance give you relief from the party that might file a case against a professional if that party suffered loss based on the professional’s opinion or advice. It does not cover State-inflicted penalties or criminal charges.
For more information on PI Insurance, Professional Indemnity, PI Cover please visit www.professionalindemnityinsurance.co.uk