professional indemnity insurance


professional indemnity insurance
Insurance that gives protection against legal liability for damage or compensation arising out of any neglect, error or omission committed or alleged to have been committed by or on behalf of the insured in connection with the business.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

  • Professional indemnity insurance — provides cover for claims brought against the policyholder due to their professional negligence.There are three types of Professional Indemnity wordings: Negligent act, error or omission This indemnifies the policyholder against… …   Wikipedia

  • professional indemnity insurance — PII A form of third party insurance that covers a professional person, such as an accountant or auditor, against paying compensation in the event of being sued for negligence. This can include giving defective advice if the person professes to be …   Accounting dictionary

  • 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… …   Big dictionary of business and management

  • professional indemnity insurance — noun insurance providing protection for professional people (as lawyers, doctors, accountants, insurance brokers, stockbrokers, etc.) to cover legal liability resulting from their negligence or breach of duty or care …   Australian English dictionary

  • 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… …   Wikipedia

  • Indemnity Insurance — An insurance policy that aims to protect business owners and employees when they are found to be at fault for a specific event such as misjudgment. Typical examples of indemnity insurance include professional insurance policies such as… …   Investment dictionary

  • professional-indemnity — adj. Professional indemnity is used with these nouns: ↑insurance …   Collocations dictionary

  • Prize indemnity insurance — is indemnification insurance for a promotion in which the participants are offered the chance to win prizes. Instead of keeping cash reserves to cover large prizes, the promoter pays a premium to an insurance company, which then reimburses the… …   Wikipedia

  • Protection and indemnity insurance — Protection and indemnity insurance, commonly known as P I, is a form of marine insurance provided by a P I Club. A P I Club is a mutual (i.e. co operative) insurance association that provides cover for its members, who will typically be ship… …   Wikipedia

  • indemnity — in‧dem‧ni‧ty [ɪnˈdemnti] noun indemnities PLURALFORM 1. [uncountable] INSURANCE protection against loss or damage, especially in the form of an official written promise to pay for any losses or damage: • Every full time employee at our firm… …   Financial and business terms