A Professional Liability policy provides legal defense against claims of professional negligence, and covers liability that results from errors and omissions in the performance of professional services. It is a third party indemnity coverage, which addresses the design professional’s financial liability to others. Most professional liability policies are written on a claims-made basis, and include either a Retroactive Date (which excludes coverage for acts which occurred or are alleged to have occurred prior to the Retroactive Date) or Full Prior Acts coverage, which covers professional services regardless of the date of the alleged error. Continuous coverage is essential to preserve Prior Acts coverage under these policies.
Preferred Risk Agency specializes in providing General Liability coverage to a diverse selection of industries including:
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