Professional indemnity insurance for advisors
Changes are constantly taking place in the insurance market and our goal is to create added value for our members in terms of correct coverage, premiums and conditions, adapted to market conditions. This means that you get a better product that is tailored to you and your insurance needs.
It's human to make mistakes but advising your business customers can even make small mistakes cost you dearly. If you take out professional indemnity insurance, you are correctly covered if your advice results in a financial loss to the customer.
As an advisory firm, it is essential to inform and guide the customer correctly, but if an employee commits an error, advisor liability is indispensable security. The error could consist of an error in design, supervision or programming that results in a financial loss to the customer.
The insurance covers claims occurred the previous 3 years before the start of the insurance.
Attractive, extended coverage
Claims due to improper negligence are covered.
No retrospective payment
Your premium is agreed when you buy the insurance and it is regulated according to your actual output.
What does advisor professional indemnity insurance cover?
The table is only indicative and is an extract from the insurance conditions. Any compensation will be calculated in accordance with the rules of the insurance conditions.
Special benefits of advisor professional indemnity
|Retrospective||The insurance covers claims that a customer raises against the company retroactively. In other words, if the claim is raised because of an error made before the insurance has been taken out, the insurance covers. However, it is important to stress that the insurance does not cover if you are aware that the claim is being raised when you buy the insurance.|
|Extended coverage||The coverage has been extended to cover claims caused by gross negligence. Normally, gross negligence is not covered by advisor professional indemnity, but if you take out insurance with us, you will get this additional benefit.|
|Premium savings||The insurance is part of a pooling which, among other things, provides premium savings for the companies included in this pool. If we compare with other companies, you get at IDA an attractive and very low premium.|
|No periodic adjustments||We do not make periodic adjustments, which means that the premium is determined based on the company's income at the start of the insurance period. In order words, we do not make a retrospective adjustment at the end of the insurance term.|
|Insurance sums and excess||
You have three options of insurance sums and excess:
On business and product liability coverage there is already an excess of DKK 5,000.