Trinity Managers International, Inc. | 212.766.7000

 

MISCELLANEOUS PROFESSIONAL LIABILITY & RELATED LINES

 

Economic downturns prompt many business owners to trim expenses. As a cost cutting measure some even consider dropping their professional liability (errors & omissions) insurance, especially if they have had little or no past claims experience. This fallacy of thinking invites financial problems for clients who have not discussed the ensuing ramifications of such a decision with their insurance representatives.

When business is slow & earnings are down, managers may correlate less business activity with fewer transactions and perhaps lower potential claims exposure. In fact, at such times protection could prove more crucial because liability continues for new claims from past dealings i.e. customers who become dissatisfied with earlier transactions and may now seek remedy through litigation.

Clients should understand that the longer they have had a ‘claims made’ professional liability insurance policy in force, the greater the possible benefit of that insurance product. This is because the insurance covers wrongful acts that occur after the policy retroactive (or prior acts) date, and which are reported during the policy period. The earlier the retroactive date, the better the likelihood of protection for a wrongful act, error or omission in the provision of or failure to provide professional services.

Most of us realize that frequency statistics give little comfort if an unfortunate event does occur. The fact that an insured has not had any recent claims activity, does not entirely eliminate the actual exposure they face. Furthermore, a lack of activity does not rule out the potential severity of a claim. The overall impact of an uninsured matter can prove devastating to the finances and future of a firm. A risk manager should not lose sight of the relatively small premium outlay vs. the size of the policy limit purchased. The insurance transaction fosters greater financial security and stability.

Other key advantages are the expertise of the insurance representatives in objectively handling claims, while the insured client is able to retain focus attention on their core business operations.

At Trinity, we write both primary and excess on most lines of business. We specialize in creative solutions with flexible terms customized to address the client’s particular needs.

 


 

Policy Highlights

 A.M. Best “A” (Excellent) rated, or better

 Limits up to $10,000,000 or more on most classes – primary or excess

 Network Security & Privacy Coverage Extensions Available

 Contingent BI/PD Extensions Available-certain classes

 

Coverage Highlights typically may include

 Modified Hammer Clause

 Punitive Damages

 Personal Injury Coverage

 Defense for fraud, dishonest, intentional acts

 Defense for Discrimination

 Innocent Insured coverage

 Independent Contractors coverage

 Supplemental Payment for Subpoena Expenses

 Worldwide Coverage

 

SAMPLE CLASSES OF BUSINESS (NOT ALL INCLUSIVE):

 

ACOUSTIC & LIGHTING DESIGNERS

COURT REPORTERS

MUSEUM EXHIBIT DESIGNERS

ADVERTISING AGENCIES

CREDIT BUREAUS

NOTARY PUBLICS

ANSWERING SERVICES

ELECTRONIC DATA PROCESSING FIRMS

PAYROLL PROCESSORS

ARBITRATORS/MEDIATORS

EMPLOYMENT/EXECUTIVE SEARCH AGENCIES

PREMIUM FINANCE COMPANIES

ASSOCIATIONS

ENERGY AUDITORS

PRINTERS

AUCTIONEERS

FACILITY MANAGERS

PUBLIC RELATIONS FIRMS

BENEFIT PLAN ADMINISTRATORS

FORENSIC INVESTIGATORS

PUBLISHERS

BILLING SERVICES

FRANCHISORS

RISK MANAGERS/CONSULTANTS

BOOKKEEPERS

GAMES PROMOTERS

SCIENTIFIC RESEARCH FIRMS

BROADCASTERS

GRAPHIC DESIGNERS

STAFFING FIRMS (TEMP/PERM/EXECUTIVE)

BUSINESS BROKERS

HOTEL MANAGERS

TAX PREPARERS

CALL/ANSWERING CENTERS

INSURANCE AGENTS & BROKERS

TELEMARKETING/DIRECT MAIL MARKETERS

CLAIMS ADJUSTERS

INSURANCE CONSULTANTS/INVESTIGATORS

THIRD PARTY ADMINISTRATORS

COLLECTION AGENTS

INTERIOR DESIGNERS

TRANSLATORS

COMMERCIAL REAL ESTATE

LEASING AGENTS

TRAVEL AGENTS

COMMUNICATIONS CONSULTANTS

MANAGEMENT CONSULTANTS

TRUSTEES

COMPUTER CONSULTANTS

MARKETING AGENCIES/CONSULTANTS

TYPING SERVICES

CONTEST MANAGERS

MULTIMEDIA FIRMS (MEDIA SERVICES)

 

 

 

• Related coverage is also available, where exposure exists for:

 

         Network Security & Privacy Liability (see Cyberliability Section)

 

         Media Liability (see Cyberliability Section)

 

 

News Our Coordinates

Trinity Centre
111 Broadway, 7th Floor
New York, NY 10006
212.766.7000
Read More Read More
Stay In Touch With Us Helpful Site Links Read the News
Sign up now to receive news and updates Stay up-to-date with the latest industry, community and agency news through our newscenter. We also provide handy hints on how to save on your insurance.

Read More
212.766.7000
Powered by Insurance Website Builder