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general liability insurance (Alexander Demidov); professional indemnity insurance (= PII A form of third-party insurance that covers a professional person, such as a solicitor, surveyor, or accountant, against paying compensation in the event of being sued for negligence This can include giving defective advice if the person professes to be an expert in a given field. There have been a number of very high awards made to plaintiffs (especially in the USA where PII is known as malpractice insurance) and this has greatly increased the cost of obtaining cover. OB&M Alexander Demidov); professional liability insurance (Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are potential causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. Professional liability coverage sometimes also provides for the defense costs, including when legal action turns out to be groundless. Coverage does not include criminal prosecution, nor a wide range of potential liabilities under civil law that are not enumerated in the policy, but which may be subject to other forms of insurance. WK Alexander Demidov) |
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страхование гражданской ответственности за причинение вреда третьим лицам при осуществлении своей деятельности Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy. Originally, individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement). The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies. WK | |
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liability insurance (Alexander Demidov) |
