If there is incorrect advice, a failure to meet a deadline, a faulty expert opinion or a planning error, this can result in high claims for damages. Anyone who, in the course of their professional activities, advises, publishes, examines, assesses, certifies, administers or enforces, must also deal with the consequences of possible omissions or errors in their activities. Various professional groups require a pecuniary loss liability insurance for this purpose.
This insurance cover is granted to members of various liberal professions, civil servants and employees in offices, authorities, municipalities, corporations, chambers, institutions, housing companies or, for example, associations.
What does the pecuniary loss liability insurance cover??
Financial losses are very common and occur in a wide variety of areas. Genuine pecuniary losses are losses that are neither personal injury nor property damage and are not derived from losses of this kind.
In case of damage the pecuniary damage liability insurance examines whether and in which height an obligation to the compensation exists.
Justified claims are covered by the insurance company up to the amount of the agreed insured sum. Unjustified or excessive claims are defended by the insurance company – if necessary also in court.
Individual insurance coverage is required for each professional group.
Who needs financial loss liability insurance??
- While the engineer primarily needs to protect himself with regard to possible planning errors, the journalist needs insurance protection that is aimed at copyright infringements or, for example, the publication of false facts.
- A real estate service provider could be sued for damages if he provides inaccurate information about building restrictions or about current rental agreements as well as termination rights.
- The insurance broker can be held liable for giving incorrect advice.
- For some legal and business consulting professions, financial loss liability insurance is required by law: Notaries, lawyers, tax consultants, auditors.
- For other consulting professions, pecuniary loss liability insurance is highly recommended: Advertising agencies, management consultants, associations, housing companies, various service providers.
Differentiation between pecuniary loss liability insurance and professional liability insurance
Depending on the profession, there are therefore different contract conditions that are individually tailored to the respective activity.
Under pecuniary loss liability insurance fall the tariffs for lawyers, tax consultants, notaries or z.B. insurance broker. Because of the financial risk of faulty advice, genuine financial losses must be insured separately for these occupational groups. Therefore one speaks of a pecuniary damage liability insurance.
Some professions require professional liability insurance and not pecuniary loss liability insurance. Doctors, engineers or architects should take out professional liability insurance. In some cases, professional liability insurance is required by law. The professional liability insurance takes effect u.a. in the case of personal injury, property damage and financial loss as a result of personal injury or property damage.
For the pecuniary damage liability insurance as well as for the professional liability insurance one finds in the meantime comparison calculators in the Internet. We have decided to offer only individual and customized policies from reliable insurers in these lines of business. A hasty conclusion of a contract via a comparison calculator can pose too high a risk to the continued existence of a company or self-employed person if an unsuitable or incomplete contract is hastily concluded here.
If you only want a pure price comparison at this point, we are not the right partner for you.
If you would like to design your insurance cover individually and tailor it to your needs, so that you can be truly unconcerned in the event of a claim, then we are the right partner for you.