You’re probably more familiar with the terms Professional Liability or Errors and Omissions (E&O), but if you have clients who do business overseas, Professional Indemnity is a term you should probably familiarize yourself with.
Depending on the jurisdiction, Professional Indemnity might mean the same thing as Professional Liability, or it may not. Some jurisdictions (countries) may require it, some may not. Some jurisdictions may require local paper, some may not. You get the picture. DIC policies may be sufficient to cover your client in some jurisdictions, but not others.
As the internet shrinks the world around us, it more important than ever to ask your clients if they are doing any work for companies/individuals overseas.
For a very good overview of structuring a multinational insurance program, ACE Insurance Group has an excellent study on the subject available here.
About PDI
PDI is an Indianapolis-based wholesale brokerage firm with a network that includes thousands of insurance agents, brokers, architects, engineers and contractors in all 50 states. Since PDI’s beginning in 1980, we’ve handled a single line of coverage: errors & omissions (E&O) for design professionals.
