Design Professional Liability Coverage and its Interaction With Contract Terms
- Topics:
- Directors and Officers Coverage
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Overview: This article will provide an overview of the nature of professional liability policy coverage triggers, professional liability policy deductibles and settlement concerns, the forms such professional liability policies take and the rationale behind the existence of various professional liability forms. In order to highlight the importance of a well-negotiated contract, the article will then discuss how professional liability coverage interacts with the terms in professional service agreements. In general, design professional liability policies provide coverage for third-party claims against the insured design professional arising out of negligent acts, errors, or omissions in the performance of professional services. General liability policies typically exclude coverage for bodily injury and property damage, which arise out of the performance of professional services, for economic losses.
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Format: PDF | Size: 24KB | Date: Jan 2003 | Pages: 4
