Professional liability insurance (PI)

This insurance covers damage caused by the performance of duties in specialist occupations, e.g.: designers, architects, IT consultants, media companies, consulting companies and management companies. Coverage includes faulty professional activities, i.e.: any negligence, actions or omissions or faults, resulting in the undue performance of professional services for which the insured professional party is liable.

Where required by the Client, coverage may include, for instance:

• legal defence costs;
• damages and litigation costs adjudged by a decision issued against the Insured Party and/or its employee;
• damages under a settlement;
• exchange of computer data and documents;
• damages for court procedures;
• intellectual property rights;
• dishonest behaviour of employees;
• defamation and insult.

Professional insurance also includes compulsory insurance in occupations such as, for instance: physician, notary public, lawyer, architect, accounting office, property manager, etc.

Due to the low amounts of base sums insured, it is always recommended to consider supplementary coverage in the form of excess liability insurance.