PII and its use to medical practitioners

Professional indemnity insurance (PII) is a kind of insurance that covers companies and professionals against any claims made by clients that may lead to financial losses. If there is any legal case against any individual, like a doctor providing medical services or any company providing such services, this insurance covers all the cost incurred by the lawsuit. Professional Indemnity Insurance is very common in areas that are commercially busy with many industries.

Professional Indemnity Insurance is also availed by financial advisors like insurance agents and financial planners. Even regulatory bodies like the Financial Industry Regulatory Authority (FINRA) need professional indemnity insurance. Different insurance agencies give different coverage plans and hence the benefit reaped from these insurances differs from one agency to another.

Professional Indemnity Insurance, when it is availed by a company, is usually inclusive of all its workers. But the employees that do not work full time for the company or are on probation are usually not covered by this insurance. Also, any past work is not covered by this insurance. Thus, for any firm providing any professional service, professional indemnity insurance is a necessity.

PII for medical practitioners:

A doctor is a very revered person in society since time immemorial. However, in the recent past, due to some negligence on the part of the doctors, their respect has gone down considerably. The number of legal cases against doctors has been going up at alarming rate. Thus doctors are professionals who face legal and financial risks in the course of carrying out their professional duty. At times, the amount for which they are sued can be exorbitantly high. Also, as doctors are not aligned to any company, they often have to bear the cost completely on their own. Thus doctors need insurance that can cover them legally and financially, in such cases where they are sued for negligence or malpractice. Even nurses need such insurance coverage. Hence professional indemnity insurance is one of the most availed insurances by doctors.

PII for doctors usually consider the extent of the financial loss that is caused to the victim and which has not happened due to intentional negligence. Any unintentional error caused is also covered by this insurance. The cost incurred while fighting the legal case is also covered by the insurance. However, the insurance does not cover any criminal acts.

Top Things You Should Be Aware Of Regarding Boat Insurance

Boating can be quite a thrilling experience for you and your near ones. Therefore, it is hardly surprising that millions of people in the United States and elsewhere are involved in recreational boating. And wherever there are enthusiasts of boating, insurance companies are bound to follow.

There are innumerable casualty and property companies that provide marine insurance . It is natural to feel a bit overwhelmed when you need to procure a proper marine insurance for your boat. A key reason is that even now, insurance coverage for boats are not as popular or known as other policies. Getting coverage for a runabout is similar to purchasing auto insurance. On the other hand, buying insurance for an expensive luxury yacht is similar to getting home insurance for your small home.

But, why do you require boat insurance?

Are you new to the world of boating? Then, it is not surprising if you perceive your homeowner’s coverage to automatically extend to the boat too. But, most of the times, that is not the case.

According to some insurance experts, several homeowners’ insurance policies only offer a minimum coverage for small boats that either has a small engine or no engine at all. On the other hand, if you are purchasing a luxury boat, your homeowner’s insurance may not offer you the required coverage for it.

You need to note that there is no relationship between your home and boat just like your car, which is not covered under the homeowner’s coverage purchased by you. Unlike your car or boat, both of which are mobile, your home is not a mobile property. So, it needs a separate coverage. However, if you have the option of bundling your auto or home insurance with the boat policy, you can save quite a lot of money.

How is auto or home insurance different from marine insurance?

Your boat policy can provide coverage when someone gets injured, similar to home insurance, and can also offer you an option to choose between the cash value or the replacement cost of total loss.

Similar to auto insurance, your boat coverage will ideally constitute of coverage for physical injury if your boat hits others, damage properties on the docks or other boats or there is physical damage caused to your boat.

It is possible to buy a comprehensive policy to protect yourself against flood, fire and vandalism, personal property policy for fishing gear or assistance on the roadside in case you require a tow.

But, contrary to auto and home, your boat coverage may enable you to suspend the policy for particular periods while you are not using your boat.