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Posts Tagged ‘defense costs’

Professional Liability vs: General Liability

Monday, March 1st, 2010

In fields in which specialized education, training, industry certification and often codes of conduct exist, unique liability does exist and in our rapidly changing society even new areas may have expectations of expertise that effectively subject individuals and corporate entities to professional liability.  These liabilities are generally excluded from commerical general liability policies in modern practice.

In theory, the primary purpose of this exclusion is to acknowledge the specialized errors and omissions that can occur in this professional environment  and which, therefore, can be “better covered elsewhere.”  In practical terms this is because these errors or omissions rarely involve either third party bodily injury or 3rd party property damage (which is the primary loss coverage in a CGL policy)  but rather usually involve “wrongful acts” involving some form of quantifiable financial loss.

Perhaps not surprisingly a big element in such claims is the defense and costs involved.  But of course the issue goes very deep and you should be aware not all policy provisions are identical.  Just a few of the areas you need to be aware include:  the extent to which the insurer is required to defend you, what triggers the defense by your insurer depending on the type of proceedings defined as trigger events, what deductibles or self insured retentions are involved, who selects counsel, and what say you have in settlement.  Professional liability is a very specialized cover and if you need help wading through how to proceed with changes in your needs in this area please ask Meridian for assistance.

Meridian is a highly dynamic specialized insurance consulting group and broker with offices in Boston, MA, Newport, RI and Brookfield, CT. We specialize in risk management and risk transfer for companies interested in traditional and renewable energy, sustainable practice and private criminal justice. We are members of the Sustainable Business Network, Slow Money Alliance, International Energy Credit Association, Connecticut Maritime Association and American Correctional Association. Our Mission is simple.  We seek to help our clients make the best risk and risk transfer decisions possible.

We bring market-leading service to the most creative solutions in the risk management field to ensure that each Meridian client achieves their risk objectives.