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Showing posts from February, 2022

What is Indemnity Insurance about?

Every professional would never want to be rejected or accused of unethical or dishonest behaviour by a client, particularly if the allegations are untrue. Being charged with such heinous offences will do significant damage to a person's professional career and reputation. Fortunately, professional indemnity insurance exists. Professional Indemnity Insurance is a sort of insurance designed to safeguard your professional career from clients who seek to financially cripple you and harm your reputation. Who are the potential Professional Indemnity Insurance policyholders? Professionals and corporations alike can benefit from the mentioned insurance. It will safeguard them and ensure their continued credibility and excellent reputation in their field. Certain regulations mandate certain professions to carry this type of insurance and encourage others to do so as well, as being sued may be financially debilitating as well as severely damage one's reputation. Architects, insurance bro...

Brokers of Insurance - Bridging the Gap

Traditionally, the word broker refers to a person or institution who operates on behalf of a buyer or customer, referred to as the principle. The broker uses their knowledge and skills to assist the customer with specific purchases and trading decisions. In areas like Sydney , the insurance broker may function as a counsellor or may exercise total purchasing and decision-making authority on behalf of the client or principal. However, the word "insurance broker" is quite ambiguous. Historically, insurance brokers were similar to other brokers, but they specialised in insurance products. They would function on behalf of the principal/individual who hired them, researching numerous insurance choices from various insurance firms to achieve the best bargains for the principle, as well as assisting with the interpretation of specific insurance contract requirements. Eventually, a pattern arose in which insurance brokers did not always act in the best interests of the principle and...