At DUAL, we prioritise educating our valued partners to ensure they are equipped with the knowledge and resources needed to navigate the complexities of insurance. Below we have shared a claims example that highlights the importance of having Professional Indemnity cover in place.
In this scenario, an engineer's negligent work on a commercial building project led to a claim of $300,000 in alleged losses. Fortunately, the Insured's contract included a limitation of liability clause, which became instrumental in mitigating the risk for our Insured. Our expert panel lawyer successfully argued for the application of this clause, ultimately limiting the Insured's liability to three times their fees and facilitating a favourable settlement with the claimant. This case serves as a strong reminder of the invaluable protection that Professional Indemnity cover provides, and we're committed to helping you and your clients understand and leverage these essential safeguards.
If you have any questions regarding our Professional Indemnity offering, please don't hesitate to reach out or view our Product Profile HERE.