Claims-Made Insurance Policies
In this age of lawsuits, business professionals are increasingly aware that they must carry liability insurance. Those who choose not to carry such protection are gamblers in every sense of the word. When looking at the history of the United States, we can see the expansion from strict adherence to contract law to the emergence of the concept of fiduciary duty owed by a professional to his or her client. If the professional breaches their fiduciary duties, he or she can be found guilty of negligence in a court of law. It is evident that the concept of negligence has loosened up and the requirements for lawsuits are now easier to meet.
Claims-made liability policies are the type most professionals are now buying, although there are also liability contracts called occurrence policies. This course looks at both types of liability contracts and provides detailed information about how they work. The course also examines when these liability policies will not pay.
Claims-Made Insurance Policies looks at the legal defense that liability policies provide and examine circumstances when the costs for the legal defense would have to be reimbursed; in other words, the insured would have to repay the insurance company for their expenses in defending the professional.
This course was designed for those who market and sell professional liability policies, but it is valuable information for any person who would buy such coverage as well. While we would hope the seller of these policies would provide complete information, as a professional it is worth acquiring the knowledge prior to purchase to insure that proper protection is bought.
United Insurance Educators, Inc.
8213 352nd Street East
Eatonville, WA 98328-8638