Specialty Insurance

Products you might guess that nobody local can help you with, but we can!!

  • Medical Malpractice
Medical malpractice is an act or omission by a health care provider which deviates from accepted standards of practice in the medical community and which causes injury to the patient. Simply put, medical malpractice is professional negligence (by a healthcare provider) that causes an injury.
  • D&O Insurance  (Directors and Officers Insurance)
D&O Insurance is worth having for protection against deliberate, negligent or innocent acts
  1. The threat of personal litigation against the directors and officers of companies is very real and could lead to imprisonment.  Personal Assets, houses, savings and pension funds are at risk.
  2. D&O insurance covers actions regardless of whether they are likely to be won. Faced with a career and lifestyle-changing crisis, directors will not want to rely on an Legal Expense Policy that will only cover them if they are likely to win the actions.
What is it for?
  1. D&O insurance is not designed to cover dishonest or fraudulent acts, but there are plenty of examples of directors being found personally liable when they have not been dishonest, deliberate or fraudulent; they have just failed to take sufficient care. In such cases, awards and defense costs would be covered by this insurance up until the point that guilt is established.
How is an organization affected?
  1. Financially - The association is held personally liable for D&O actions by employees, creditors, customers, competitors and regulators.
  2. Criminally - their liberty is at stake and, financially, the costs of defense can be high; sometimes reaching six-figure sums. Directors could go to prison for their actions, inaction or ignorance. D&O insurance cannot cover the criminal penalties as that is against public policy, but it can cover the costs of defending a claim up until the point that guilt is established.
  3. Through investigations by regulators or trade bodies – an area of high financial risk and one of the biggest triggers for claims in the UK. The Department for Enterprise and Regulatory Reform's Companies Investigation Branch considered complaints against nearly 5,000 companies last year. The financial risks of investigations are considerable.
  4. To their own employees – whether for allegations of sexual, racial or disability discrimination, directors could easily find themselves defending their actions, or inaction, at employment tribunals as well as in the media. Responsibility and liability for their actions remains with directors, long after they have left the company, even into retirement.
  • Professional Liability Insurance
Professional liability insurance, also called Professional Indemnity Insurance, protects professional practitioners such as architects, lawyers, physicians, and accountants against potential negligence claims made by their patients/clients. Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called Medical Malpractice. Notaries public may take out errors and omissions insurance (E&O). Other potential E&O policyholders include, for example, real estate brokers, home inspectors, appraisers, and website developers. There are also specific E&O policies for technology companies, such as software developers, technology consultants and other creators of technology. This coverage focuses on the failure to perform, financial loss and error or omission of the products or services sold. Additional coverage for breach of warranty, intellectual property, personal injury, security and cost of contract can be added. The primary reason for professional liability coverage is that a typical general liability insurance policy will only respond to a bodily injury, property damage, personal injury or advertising injury claim. The above mentioned professional services and products can cause claims without causing a bodily injury, property damage, personal injury or advertising injury. Common reasons alleged in making claims on these policies are negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice. For example, if a software product fails to perform properly, it may not cause physical damages, personal or advertising injuries, therefore the general liability policy would not be triggered. It may, however, directly cause financial losses which could potentially be attributed to the software developer's misrepresentation of the product capabilities.

Ask for Bobby Vinson or Stephanie Gutierrez 
Agent email: 
info@kwsinsurance.com



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