Professional Liability Coverage for Sample Clauses
The Professional Liability Coverage clause defines the insurance protection provided to professionals against claims arising from errors, omissions, or negligent acts in the performance of their professional services. This coverage typically applies to professions such as doctors, lawyers, architects, or consultants, and may include defense costs and settlements related to lawsuits alleging professional misconduct or failure to meet industry standards. Its core function is to allocate risk and provide financial security for professionals by covering potential liabilities that could otherwise result in significant personal or business losses.
Professional Liability Coverage for damages for injury, death, loss of service or otherwise on account of professional services rendered or which should have been rendered, in a minimum amount of One Million Dollars ($1,000,000) per claim and Three Million Dollars ($3,000,000) in the annual aggregate;