If your business provides professional services or professional advice to your customers, you will need professional indemnity insurance. A customer may suffer loss because of negligence or professional misconduct by your business or its employees. You may then face legal liability to put it right. For example, imagine you design a deck/structure for a customer to build onto their house. You provide measurements and advice about building materials. However as soon as the deck is built, it collapses. The customer now wants to sue you and your company because your design was faulty. Alternatively, imagine you set up a small accounting business. One of your employees makes a negligent mistake when giving advice to a client about a tax return, and Inland Revenue ends up suing your client for not paying enough tax. Professional indemnity insurance can cover the costs of this mistake.
Our CLAIMYEXCESS reimburses the Professional Indemnity Insurance Excess if a claim happens during the cover period and later followed by the successful settlement of a claim.
Once YOUR related lead/main insurance company settles the claim after deducting an Excess at the absolute discretion of APPSOFT LTD and its terms and conditions, CLAIMYEXCESS cover pays You the deducted Excess for that risk - up to the arrived amount derived from YOUR risk selection ( stated in the Confirmation of Cover ‘CoC’ issued by Us).