Chevy Chase, MD – Victor O. Schinnerer & Company announces
Intro to Professional Liability Guide. This guide was created to help policyholders and their clients gain a basic understanding of some commonly misunderstood features of professional liability insurance and to emphasize the risks to their real and business personal property. Written by Schinnerer’s Risk Management group, this publication provides the parameters of what is and what’s not covered by a professional liability policy.
Intro to Professional Liability Guide highlights include:
- Clarifications of commonly misunderstood features of professional liability insurance.
- Examples of inappropriate and uninsurable requests under a typical professional liability policy that could result in increased risk exposure, such as:
- Naming the client or another party as an additional insured on the policy;
- Requiring coverage for contractual risks that go beyond the design professional’s responsibility; and
- Requiring an indemnity obligation broader than coverage provided in the professional liability policy.
- Samples of proper contractual language for indemnity. This is because clients may require a broad form of indemnity that may not be beneficial because the language is inconsistent with the professional liability policy’s coverage.
- A benchmarking insurance requirements section provides guidance to help the client determine the limits to request from their design professionals.
- A partial glossary of key insurance terms.
Intro to Professional Liability Insurance is not password protected so brokers and potential prospects can also view it. To read the six-page document, go to: http://www.schinnerer.com/risk_mgmt/design_firms/plintro.pdf
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