Professional Indemnity Insurance
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Professional indemnity insurance certificate
A professional indemnity insurance certificate is an essential document that provides evidence of your insurance cover. In essence, it outlines the specifics of your policy, detailing what is covered and the extent of that cover.
When do you need a certificate of professional indemnity insurance?
Knowing when you might need to present a professional indemnity insurance certificate is crucial for many professionals. Here, we outline three common scenarios where such a certificate may be required:
Entering into a contract
Many contracts, particularly in industries such as consultancy, engineering, or IT, may require proof of professional indemnity insurance. This is to ensure that if any advice or services provided leads to financial loss for the client, they have a route for recompense.
Professional membership
For certain professions such as architects, engineers, doctors, lawyers, and more, having professional indemnity insurance is a requirement of professional bodies. In these cases, you need to present the certificate as proof of your cover when applying or renewing your membership.
Tendering for Projects
When bidding for a project, especially within the government or corporate sectors, you may be required to provide evidence of professional indemnity insurance. This gives confidence to the potential client that any mishaps that could result in financial loss are covered.
What information does a public liability certificate of insurance include?
A professional indemnity insurance certificate is more than just a proof of insurance; it contains vital information that helps all parties understand the extent of the coverage.
Policyholder’s Details
This includes the name and contact details of the insured party. It ensures the correct identification of the holder of the professional indemnity insurance.
Insurance Company’s Details
This section contains information about the insurance provider, including their name, contact details, and any other relevant information. This is vital if any communication with the insurer becomes necessary.
Coverage Amount
This is the maximum amount that the insurance company will pay out in the case of a claim. It gives a clear understanding of the level of risk the policy covers.
Policy Period
This refers to the validity period of the insurance policy. It states the start and end dates, indicating when the coverage is active.
Policy Number
This is a unique identifier for the policy. It is required for any insurance-related transactions or communications with the insurance company.
It’s essential to understand that a Certificate of Insurance is proof of insurance but doesn’t alter, extend, or change the coverage provided by your insurance policy.
How do you get a certificate of professional indemnity insurance?
To get a professional indemnity certificate of insurance you must have a policy in place. If you don’t have professional indemnity cover, you can contact one of our brokers.
Our brokers will typically have quotes to you on the same day. Once you accept a quote for indemnity insurance a certificate of insurance can be issued immediately.
If you already have cover in place, contact your broker at Gerrards and they will send you your certificate.