Professional Indemnity Insurance (PI) is for anyone who provides a professional service, such as a lawyer or an engineer, who could have a claim made against them by a client. However, this expands to protect companies and business owners. A more detailed explanation of PI Insurance can be found at the bottom of this page.
We provide Professional Indemnity Insurance translation services for both the insurance industry and those covered by the policy.
PI insurance policies are often translated as a sales tool. Clients want to know that you/your company/your organisation is insured in case they need to make a claim against you. The best sales teams know this and insist on having professional indemnity insurance certificates translated for presentation during sales meetings and within proposals. This can be the tipping point to winning.
The full documents of the PI Insurance may require translation by a Commercial Manager to see if any gaps exist that need to be addressed by further insurance or amended contractual terms. This may even be to see if they clash with the laws of a country covered by a multi-country policy. On the same note, you may need to prove you are insured to operate in certain industries in certain countries.
We assist with the translation of documents required by the insurance industry prior to receiving a quote for PI insurance. As example, this might be the translation of professional qualifications and the CV’s of key persons.
Unfortunately, problems do occur and that is when we assist with translations for Professional Indemnity Insurance claims. The list of documents that might include are extensive and can include the translations of financial statements when loss of earnings are claimed, translation medical reports for injuries, translation of witness statements, engineers reports, expert reports, etc. Axis Translations have a team of qualified translators who are experienced in translations for PI insurance claims and who understand the documents involved, required terminology and the process. We also assist the legal team with the claim or the legal team of the insurers disputing the claim. This thorough knowledge of translations related to PI insurance allow us to work as an extension of your team and add value where possible.
For more details on PI Insurance translations, the following pages might assist.
Translations for Obtaining Professional Indemnity Insurance
Translations of Professional Indemnity Insurance Certificates and Documentation
Translations for Claims Against Professional Indemnity Insurance
What is professional indemnity insurance?
Professional indemnity insurance, also known as PI Insurance, is a type of commercial insurance policy designed to protect companies, business owners, freelancers and the self-employed if one of their clients decides that the service was unacceptable.
Any provider of professional services could be subject to legal action if the recipient is dissatisfied with the service received (whether rightly or wrongly). They could be accused of negligence and providing incorrect advice that resulted in a loss of money, clients and profit.
Professional indemnity insurance, also known as professional liability insurance, is an insurance to safeguard and protect service-based enterprises. If a dispute occurs, this insurance cover handles the cost of putting things right and this includes the legal fees.
What does PI insurance cover?
Professional indemnity insurance is generally tailored in 2 ways: 1) A specific amount of cover, but this might also have reduced limits for some types of claim (so do check the policy in full). The amount covered will be for compensation and the legal costs.
2) professional indemnity cover will be industry-specific policies with protection tailored to the service provided. As such, PI insurance for an electrical engineer for private homes will be considered differently to that of an electrical engineer for major oil refineries.
The type of situation that could generate a claim could be as silly as an employee leaving a file with confidential intellectual property in an airport lounge to the design of a hinge being held responsible for an accident.
The Axis Translations team are specialist in all types of insurance translation services. Contact us today to discuss your requirements.