Professional Liability quotes check list


Below is a check list of items to look out for when obtaining Professional Liability quotes for your firm.

  • Limits of liability – What are your current limits of liability and are the quotes you are getting the same.  Also consider that project endorsements may be part of the limits you need to be looking for.
  • Deductible – Is your current deductible $0, $1,000, $35,000?  Also, is the same deductible option, first dollar or straight deductible, being offered?  If the same deductible and deductible option are not being offer be sure you understand why.
  • Claims made policy – Most carriers that offer Professional Liability do offer as a claims made policy but verify with the carrier that it is not an occurrence policy.  With Claims Made Insurance, coverage needs to be in place at the time the error is made and also at the time the claim is made, and it’s the policy in force at the time that the claim is made that will respond.
  • Retroactive date – Is the carrier offering the same retroactive date or full prior acts?  The retroactive date is very important on a claim made policy, so verifying the retroactive date with the carrier is critical.
  • Named insured – Make sure the spelling and your firm name is correct.  If you have predecessor firm name be sure those are covered either by policy language or by endorsement.
  • Effective date – The effective date seems like something simple, but verify that you have the same effective date from your previous policy period.
  • Exclusions – Check with your agent and read the carriers policy so you know what the exclusions are; condos, asbestos, mold, etc?
  • Pre-claims assistance – Does the carrier you are considering offer pre-claims assistance?  This isn’t a must have but is a very good benefit to have available.
  • Contract review – Some Professional Liability carriers offer free contract review for insurability – is this important to you?  If so, make sure the carriers you are getting quotes from offers this service.
  • Extended Reporting Period options – This will be important for when you are either retiring, close to retirement or closing your firm.  Some options available are 1, 2, 3 and 5 years.

As always be sure to check with your PUI agent to make sure you are getting your Professional Liability needs met.

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