Reading insurance documents can sometimes feel like decoding a cryptic message. In our recent survey, 71% of management consultants and project professionals get lost in insurance jargon when speaking to an insurer. This can be frustrating and difficult on the part of customers; after all, you need to understand what you are buying. Also you only look at insurance “stuff” once a year!
For insurers, these contractual documents need to be as precise as possible. Yes, this is mostly to protect themselves but it does provide some level of clarity to the customer…so long as they understand it!
So to help you decode insurance legalese, we’ve put together some important professional indemnity insurance terms defined in plain human language.