Professional Services Insurance definition
Professional Services Insurance means liability insurance designed to protect traditional professionals (e.g., accountants, attorneys) and quasi-professionals (e.g., real estate brokers, consultants) against liability incurred as a result of errors and omissions made in performing their professional services to the University. Although there are a few exceptions (e.g., physicians, architects, and engineers), most professional liability policies only cover economic or financial losses suffered by the University as opposed to bodily injury (BI) and property damage (PD) claims. This is because the latter two types of loss are typically covered under commercial general liability (CGL) policies. The vast majority of professional liability policies are written with claims-made coverage triggers. In addition, professional liability policies contain what are known as "shrinking limits," meaning that unlike CGL policies (where defense costs are paid in addition to policy limits), the insurer's payment of defense costs reduces available policy limits.
Examples of Professional Services Insurance in a sentence
Please see the City’s Professional Services Insurance Requirements defined under the City of Modesto website link provided below.
Schedule 3.19(b) lists all claims made within the last three (3) years against or under the Contractors Pollution Liability and Errors and Omissions/Operations and Professional Services Insurance and other errors and omissions insurance policies maintained by the Company or any of its Subsidiaries.