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Indemnity insurance - for a better future! |
Article Submitted by: Editor 123
Monday, 23 March 2009
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Insurance is perhaps the stoutest protection that a man can ensure for himself and his family. As we are aware of, future is unforeseen and each step we take towards the future entails a plethora of risks. The risk may pertain to one's life, health of a family member or even to one's profession. Risk may also pertain to one's assets, properties or any of his prized possession. While it is hard to do away with risk, the quantum of losses suffered can definitely be minimized. Here comes the importance of indemnity insurance. In legal parlance, indemnity insurance is the contract where one party compensates the other for losses suffered by the latter during the time when the contract was enforced. Indemnity not only denotes compensation in terms of cash but also other forms like repairs, replacement or reinstatement. In contrast to a life insurance policy, the insurer is liable to indemnify the policyholder only up to the amount of losses suffered. In case of a life insurance policy, the insurer is obligated to pay the entire policy amount to the beneficiaries of the deceased individual. However, in case of indemnity insurance, the liability of the insurer is up to the amount of losses incurred even is the policy value is more. Indemnity insurance is advantageous as the premium amount to be paid is generally less and can be brought in smaller units depending upon the economy and requirements of the policy holder. Indemnity insurance is a relief to professionals and business owners. It promises to indemnify professionals and business owners when they are subject to faults, negligence, errors and omissions. Indemnity insurance also includes professional insurance policies like malpractice and omissions insurance which indemnifies professionals against claims made in workplace. Indemnity insurance is one of the best ways to blow off the blues of occupational risks. It is the very seed which rewards you the fruit of a safe and secured lifestyle. Article Source: http://www.ArticleBlast.com |
About The Author:
For further information on professional indemnity insurance and indemnity insurance please contact Coulson Pritchard Associates directly on 01480 470220 or visit http://www.freelanceinsure.co.uk/
For further information on professional indemnity insurance and indemnity insurance please contact Coulson Pritchard Associates directly on 01480 470220 or visit http://www.freelanceinsure.co.uk/
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