If the architectural practice has PI cover for a Limit of Indemnity for Any One Claim, will this fully protect them in the event of multiple claims during any one year?
PI policies stipulate a “limit of indemnity” which is the maximum amount the Insurer will pay on the Insured’s behalf on any one claim. For an extremely large claim, the amount exceeding the limit of the indemnity would be payable by the architect, uninsured, so it is vital to set an appropriately high limit of indemnity. It is prudent to choose a policy that allows the limit of indemnity to be reinstated once or twice, so that the architect would be covered for more than one very large claim in a single policy year.
Related Questions
- If the architectural practice has PI cover for a Limit of Indemnity for Any One Claim, will this fully protect them in the event of multiple claims during any one year?
- Are there any circumstances in which Life and Critical Illness cover would not clear the mortgage in the event of a claim?
- In the event of a claim, what supporting documentation needs to be sent to MINI Protect?
