Professional Liability Insurance

Definition

• A type of liability insurance used by professionals and companies to cover losses from litigation, liabilities, and damages occurring due to errors and omissions in the product or service sold. Also known as "professional indemnity insurance (PII)", "errors and omissions insurance (E&O)", and "malpractice insurance."

Synonyms
professional indemnity insurance, professional liability coverage

Acronyms
PLI

Related Terms and Acronyms

• Canadian Investor Protection Fund (CIPF) — Company Est. 1969, Canada, Important,
  • A Canadian not-for-profit that protects investors from a CIPF members' bankruptcy.
  ➥ Non-profit organization that provides investor protection for investment dealer bankruptcy.
• Causation — Definition,
  • A method of connecting an entity's conduct with an effect, which in some cases can prove legal liability.
• Comparative Negligence — Definition,
  • The degree to which the claimant's own negligence factored into damages, and how much liability can be attributed to each party.
• Contributory Negligence — Definition,
  • A legal defence that can be applied if the plaintiff is at least partially responsible for a harm, and if they are found partially liable, they can be denied any compensation.
• Errors and Omissions Insurance — Definition,
  • Insurance that protects architects, home inspectors and contractors from claims by clients for professional mistakes.
• General Liability Insurance — Definition,
  • Insurance that protects individuals and businesses from a number of potential liabilities.
• Indemnity Insurance — Definition,
  • A class of insurance that covers liability for damages, which includes insurance types such as malpractice insurance and errors and omissions insurance.
• Institute of Canadian Bankers — Company,
  • An institute that provides education and training programs specific to professionals in the financial-service industry
• Liability — Definition,
  • A situation where one party is found to be legally responsible for something.
• Liability Insurance — Definition,
  • Insurance that provides coverage for damages caused by an individual or entity's negligence or legal responsibilities.
• Loss Payable Clause — Definition,
  • An insurance policy provision for payment of a claim to someone, other than the insured's interest in the insured property. This clause basically allows an insurer to make payments to a third party in certain circumstances.
• Malpractice — Definition,
  • Negligent acts done by a professional that causes injury to a plaintiff.
• Malpractice Insurance — Definition,
  • Insurance that covers professionals from liability due to their own negligence or intentional harm.
• Professional Indemnity Insurance (PII) — Acronym, Very Important,
  • A class of insurance that covers liability for damages, which includes insurance types such as malpractice insurance and errors and omissions insurance.
  ➥ More commonly referred to as professional liability insurance.
• Tort — Definition,
  • An act that causes harm or loss.
• Tort Law — Definition,
  • Civil law or the laws that govern civil lawsuits.
• Tortfeasor — Definition,
  • A party who commits a tort (a civil wrong).