Professional Liability Insurance Consultants
Professional Liability insurance consultants
What is the average cost for a Lawyers Professional Liability Insurance?
I’m looking forward to practice law as a Foreign Legal Consultant so I don’t have any experience with this type of insurance required in the US. I would really appreciate any guidance to help me on my research… Thanks in advance.
Oh, the insurance should be in an amount of at least $100,000 for each claim, with an aggregate limit of $300,000 for all claims established against the Foreign Legal Consultant during the calendar day.
I think that you’ll find it very difficult to obtain coverage in the U.S. Domestic carriers’ policies are simply not designed to pick up this exposure. Since you are not a licensed attorney in any U.S. State, and since almost all policies exclude Mexico from their coverage territory you would be forced to seek coverage with a non-admitted, specialty carrier, and the cost – if available – would be prohibitive.
Are you being asked to obtain this coverage by a client?
Contractor Insurances
Professional Indemnity Insurance Cover – from the perspective of photographers, IT and Property professionals
The market scenario is changing rapidly. With stiff competition across business, services have emerged as important competitive advantage for firms. Good quality services are being stressed upon even in those organizations which were traditionally manufacturing based. And the number of professionals offering all kinds of conceivable services has also skyrocketed upwards. Therefore, Professional Indemnity Insurance Covers are enjoying immense popularity in all sectors. But still there are certain professions where having Professional Indemnity Insurance Cover is a must, considering the nature of services involved. In fact, in professions like law, accounting and financial services, it has been made a legal requirement to give the clients and professionals the benefit of having Professional Indemnity Insurance Cover. Let us look at some other such professions.
Photographers
What risks are there in clicking a few good snaps, you may wonder. But in paparazzi dominated world, where exclusive rights to photograph an event are sold for amounts running into millions, messing up the snaps can cost the photographer a fortune. The fashion photographers also feel the burn of their mistakes from time to time. So, getting a Professional Indemnity Insurance Cover along with those expensive lenses and rolls will be a sound business investment.
Property Professionals
Real Estate is cyclical in nature. While it follows the trajectory upwards, everybody is happy riding along with it. But as soon as it starts nose-diving, court rooms are filled with claims against property professionals. They can be accused of all sorts of misdeed, right from wrong valuation to missing out fine details while selling out the property. In such an event only Professional Indemnity Insurance Cover can save them from going bust and landing on the wrong side of the law.
IT Consultants and Contractors
IT has, indeed, reduced the distance and made the world a global village. But, with every subsequent improvement in IT (which are so very frequent), the IT issues are becoming complex. There are also so many laws to consider, when one is operating across international borders. Hence, IT Contractors and Consultants are increasingly taking the refuge of Professional Indemnity Insurance Cover to ward off any unpleasant situation.
