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A break in coverage could result in what is called a "gap in coverage," which is the loss of all prior acts.For example, in reference to medical professions it is called malpractice insurance, while errors and omissions (E&O) insurance is used by insurance agents, consultants, brokers and lawyers.Several professionals agreed that they incorrectly believed since they were not writing business during specific months, they did not need continuous coverage.A gap in coverage should not be confused with terminating or not renewing a policy due to retirement or death.
Although some carriers may allow a 30- to 45-day grace period, it is common for them to disallow this. A modest survey suggested that most professionals are unaware of what a gap in coverage really is or its harsh consequences.
Common claims that professional liability insurance covers are negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice.
Examples: Professional liability insurance policies are generally set up based on a claims-made basis, meaning that the policy only covers claims made during the policy period.
Other professions that commonly purchase professional liability insurance include accounting, engineering and financial services, construction and maintenance (general contractors, plumbers, etc., many of whom are also surety bonded), and transport.
Some charities and other nonprofits/NGOs are also professional-liability insured.
In these cases, an extended reporting policy (ERP) may be purchased.