How loss adjuster professional indemnity cover can save someone legal costs
A loss adjuster arguably operates in one of the more uncertain sectors of the insurance market. They are hired to make decisions which must be as accurate as possible, with an awful lot of money at stake in some situations. Most of the time they are able to make a reasonable and sensible decision, but if a professional ever makes an error, leading to a client losing money, there is always the question and risk of a legal challenge. The chances of an avoidable error might seem slim, but consequences can be damaging, meaning loss adjuster professional indemnity cover is taken out by many people operating in the field.
This is a type of insurance which is designed to help a policyholder if they are sued having been accused of making a mistake, omission or committing an act of negligence. Although a professional might have 100 per cent confidence in their ability, just one slip can lead to a client losing hundreds of thousands of pounds in some circumstances.
Loss adjuster professional indemnity cover takes away the stress of what they would do if they ever faced a legal case. It will pay the bills towards mounting a legal defence, which can run into thousands or hundreds of thousands of pounds in some circumstances. Hiring a legal team is never a cheap proposition, and this insurance will take off the financial pressure.
Different limits of cover are available from a few thousand pounds up to hundreds of thousands of pounds or more, and premiums can often be paid in one lump sum or in instalments. Excesses can also be applied and negotiated, to affect the premium and make sure it fits your resources and needs.
Loss adjuster professional indemnity cover will normally also provide some help for legal extras, like protection should a loss adjuster ever be accused of losing a client’s important documents or data. It also helps to guard against accusations of breach of confidentiality or copyright, and will also provide public liability insurance where appropriate. Backdated cover and ‘overrun cover’ also protects for any period when the adjuster may otherwise not have been insured, due to changing policies or seeking out new employment, meaning peace of mind need not be complicated.
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