Professional & Financial
The policy covers legal liability to compensate third parties for loss sustained by profession career arising out of negligent acts, errors or omissions on the part of the insured in the conduct of their business. The professional practitioners are like Architects, Quantity Surveyors, Home Inspectors, Lawyers, Physicians, and Accountants against potential negligence claims made by their patients/clients. Professional liability insurance may take different names to call depending on the profession like medical profession may be called Medical Malpractice. Some area we can be called errors and omissions insurance (E&O). Other potential E&O policyholders include appraisers, a real estate brokers, website developer, software developers, technology consultants and other creators of technology. This coverage focuses on the failure to perform, financial loss and error or omission of the products or services. The professional liability insurance is one kind of liability insurance policy will only respond to a bodily injury, property damage, and personal injury or sometime related with mentally. It is importance to continue this policy if you are currently has. If you are cancelling the policy, you never had coverage for any incidents, because Professional Liability Insurance based on a claims-made basis, meaning that the policy only covers claims made during the policy period, claims which may relate to incidents occurring before the coverage was active.
Consideration as one kind of Professional Liability Insurance Policy but it is specifically design for Medical, Health Care Provider or Doctor Profession Career. Medical Malpractice Insurance is providing protection against individual doctor or hospital or related institute on act or omission practice in medical community and cause injury or death or disability or mentally may damage to patient. The standard or regulated are vary by country and jurisdiction of precedent cases.
To protect against the directors & officers Liability coverage for both private and public companies for unintended errors and omission in relation to their duties including the cost of defending claim for such errors or omission. The coverage provide for two entities as company reimbursement and individual directors & officers. Director & Officer may need protection because they are confronting risk exposure on daily activity or positioning in the organization that have tendency to get claims from shareholders, clients, and employees. Sometime external director who are invited to serve as corporate director or officer, may need some protection by not willing to take risk with own personal assets. And employment practices suits constitute the single largest area of claim activity under D&O policies.
Trade Credit Insurance is an insurance policy to provide offering to private companies or export credit agency both domestic and international trade to protection against their balance sheet, account receivable from loss of credit risks such default payment, insolvency, bankruptcy, etc… Trade Credit Insurance can be extended for political risk insurance which is offered to insure the risk of non-payment by foreign buyers due to currency issues, political unrest, expropriation, etc.
Credit Shield Insurance or sometimes call Credit Life Insurance is designed to protect a financial institution against failure of its customers to pay their debts or credit card payments due to their physical death or disability. Sometimes Credit Shield Insurance may extend to default payment of customers caused by lost a job or unemployment. Example of consumer loans may include auto loans, credit card debt, loans from finance companies, and home mortgage loan. Whoever the purchaser is consumer or borrower, the benefit payment goes to the company financing the purchase or extending the credit to the consumer. The sample of benefit under policy coverages are; 1. Accidental death and Permanent total disability 2. Permanent disability due to accident 3. Involuntary loss of employment 4. Critical illness 5. In-hospitalization treatment in case of accident