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Like most kinds of professional liability insurance, EPL insurance policies operate on a claims-made basis. [10] This means that policyholders can only receive insurance benefits if they are covered both at the time of the discrimination incident that triggered the claim and at the time when the claim is filed. [11]
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
A basis under which reinsurance is provided for claims arising from policies commencing during the period to which the reinsurance relates. The insurer knows there is coverage during the whole policy period even if claims are only discovered or made later on.
Filing a claim is generally a straightforward process that can be initiated by calling your insurer’s claim hotline, filing online or using its dedicated mobile app. Some companies may require ...
Professional liability insurance (PLI), also called professional indemnity insurance (PII) and commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advising, consulting, and service-providing individuals and companies from bearing the full cost of defending against a negligence ...
Claims and loss handling is the materialized utility of insurance; it is the actual "product" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents. The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ...
BEIJING (Reuters) -China released on Friday its first survey report of the South China Sea's disputed Sabina Shoal, saying there was no scientific or factual basis for reef damage claims made by ...
For example, in California indemnification clauses do not cover certain risks unless the risks are listed in the contract, but in New York, the brief clause, "X shall defend and indemnify Y for all claims arising from the Product" makes X responsible for all claims against Y. [13] Indemnity can be extremely costly since X's liability insurance ...