This course will provide valuable background knowledge into the workings of the Professional Indemnity market and will assist in the selling of this product.
This course has been designed for delegates with previous involvement in Professional Indemnity Insurance and who wish to extend their knowledge. Anyone selling PI cover should consider this course unless a specialist in this field.
Delegates who successfully complete this workshop will be able to: -
- explain the major exposures of different professionals and identify the major differences in coverage offered to them
- compare and contrast the coverage given by different policy wordings
- identify how professional indemnity insurance should be dovetailed with other liability insurances
- explain the important points to remember when dealing with a professional negligence claim
- describe the underwriting process and identify the principle underwriting considerations
- a recap on the duty of care owed by professionals
- comparison of tort and contractual liability - how they co-exist, limitation periods etc.
- Limitation or Prescription Periods
- risk assessment
- policy wording consideration - Claims made - Insuring/operative clause - Civil liability/negligence - Retroactive Date - Specialist extensions - Collateral Warranties
- how PI cover dovetails with liability insurance
- factors to be considered when underwriting the Professional Indemnity risk
- understand what advice should be given to customers regarding how to make a claim including contact numbers and timescales.