Definition Of Indemnity Insurance
Definition Of Indemnity Insurance
Professional indemnity insurance and its applicability in different professions
To live is to risk. Risk is one of the forces in life practically beyond human control. Risk engulfs every sphere of human existence. Even our very own profession is prone to risks.
The risk can never be eliminated; but it can definitely be insured. Though we don’t often realize our professions are susceptible to hazards and this can sometimes affect us disastrously and cripple down our financial stability. Be it anyone, freelancers or full timers, every professional from lawyers, accountants, real estate consultants, creative consultants, to software developers, a slight negligence can give way to hazardous financial claims and hence unbearable stress.
Realtor, software developers, and creative professionals amongst many other in need of a PI cover
The real estate professionals too fall under the purview of professional indemnity. For instance a realtor sells a piece of land at a particular price. While buying a house or an apartment, the buyer definitely anticipates some equity on the value of the property purchased. There are instances in abundance when a slight dissatisfaction has resulted in heavy financial claims by the client to whom the realtor has just recently sold a property.
The need of PI insurance if felt in the avenue of software development as well. If a particular piece of software made by developers fails to meet the expectation of the client, chances are that the company would land up into hot waters.
Sometimes, even photographers fail to escape wrath of their clients. A fashion photographer publishing photographs of celebrities without the latter’s permission may get sued by the latter on grounds of invasion to privacy.
Any profession which is related with direct interaction with clients needs to be covered by PI insurance. A PI insurance is the best possible option to protect one’s professional career from its possible atrocities.
About the Author
For further information on professional indemnity insurance and pi insurance please contact Coulson Pritchard Associates directly on 01480 470220 or visit http://www.freelanceinsure.co.uk/
someone give me a bit more clearer Definition of this word indemnity is it like an insurance or something ?
so it’s just a way of paying someone back for that ?
Definition of Indemnity: security against hurt, loss, or damage
Forms of Indemnity: cash payments, repairs, replacement, and reinstatement.
Example: if A had a contract with B under which A agreed to pay for any damage to B’s car, then A paying B would be obligatory (even if A subjectively regretted the contract at this point). In legal terms, A’s liability is contractual and the sum paid is an indemnity. The contract just described between A and B is of course one of automobile comprehensive insurance.
Indemnity Clauses can be found in many contracts aside from those specifically for insurance. For instance, (staying with the automobile theme), a car rental contract may stipulate that the renter will be responsible for damage to the rental car caused by their reckless driving. In other words the renter will indemnify the rental company.
There are many different forms of Indemnity, and yes insurance is one of them.
I hope this helps!
To answer your question: yes, it is a way to pay someone back, but it is also insurance, repairs, replacement etc. (see top)
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Insurance Ad/fortune1930 Photo Mugs Advertisement for the Hartford Fire Insurance Co. and the Hartford Accident and Indemnity Company. …. |
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Don’t Fence Me Out (A Michael Shayne Mystery) Mammoth Detective, August 1945DONâT FENCE ME OUTA Michael Shayne Mysteryby Davis Dresseras Brett HallidayNobody could figure why Moore refused to halt at a sentryâs command when it meant death to go on. To learn why a civilian was shot down by an Army sentry, Mike Shayne began digging into garbage cans. 10,300 Words… |
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Directors & Officers Liability Insurance Deskbook $125.97 Be it enhancements or restrictions, the scope of D&O policy coverage has reflected the corporate events of the time, most frequently as outlined in case decisions interpreting the same…. |
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Double Indemnity $2.99 … |
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Double Indemnity $9.99 … |
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Big Trouble (1986) $2.99 … |
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Photo Jigsaw Puzzle of Insurance Ad/fortune193 from Mary Evans $29.99 Photo Puzzle, INSURANCE AD/FORTUNE1930. Advertisement for the Hartford Fire Insurance Co. and the Hartford Accident and Indemnity Company. . Chosen by Mary Evans. 10×14 Photo Puzzle with 252 pieces. Packed in black cardboard box of dimensions 5 5/8 x 7 5/8 x 1 1/5. Puzzle image 5×7 affixed to box top. Puzzle pieces printed on RA4 paper at 300 dpi. This item is shipped from our American lab…. |
