professional-indemnity

Professional Indemnity Insurance Quotes

 

What is the difference between policies with Inclusive of Costs or an Exclusive of Costs Limit of Indemnity

A policy can provide for either an Inclusive of Costs or an Exclusive of Costs Limit of Indemnity. Where the Limit of Indemnity is Inclusive of Costs, the insurer will pay the claim amount and costs incurred in respect of that claim, up to the Limit of Indemnity. The insurer will not pay costs incurred in respect of a claim once such costs, together with the claim amount, exceed the Limit of Indemnity. Where the Limit of Indemnity is Exclusive of Costs, the insurer will pay the costs and expenses (or part thereof) incurred as a result of a claim, in addition to the Limit of Indemnity, subject to the terms and conditions of the policy. An Exclusive of Costs Limit of Indemnity is preferable to an Inclusive of Costs Limit of Indemnity.

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