Professional Liability Insurance (PLI) also called Professional Indemnity (PI) also known as Errors & Omissions (E&O) is a form of liability insurance that helps protect professional advice and service providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client and damages awarded in such a civil lawsuit.
The coverage focuses on financial loss to the client caused by, alleged failure to perform on the part of, and error or omission in the service or product sold by the policyholder to the client.
The above are not covered by a general liability insurance policy.
PI provides cover for defense costs but does not include criminal prosecution nor a wide range of potential liabilities under civil law.
Professional liability insurance is required by law for certain kinds of professional practice.
The professions required PI Insurance by law in Cyprus are as follows:
- Insurance Agent/Intermediaries
- Estate Agents
- Insolvency Agents
Our Company holds an Underwriting authority from Lloyd’s and we can service the following professions:
- Insurance Agents/Intermediaries
- Doctors/Medical Establishments
- FIFA Licensed Players Agents
- Financial Institutions
- Miscellaneous Professionals
We also offer Directors & Officers Liability Insurance