Deductible
The amount your firm pays on a claim before the insurer pays. On professional liability it may include defense costs, damages or both.
What it means for your firm
Two policies can show the same deductible and still work very differently. What matters is what the deductible applies to.
Contracts sometimes cap how large a deductible or self-insured retention you may carry.
Articles that explain it
First-Dollar Defense vs. Deductible Including Defense Costs: What Engineers Need to Know Professional Liability Insurance for Expert Witnesses & Safety Consultants How Much Does Professional Liability Insurance Cost for a Small Architecture Firm? How to Compare Two Architects & Engineers Professional Liability Quotes What Is an Extended Reporting Period (Tail) on an A&E Professional Liability Policy? What Is a Hammer Clause in Professional Liability Insurance?
General definition for education only. It is not an interpretation of any policy or contract, and it is not legal advice. The wording of your own policy and contract controls. Policies and definitions vary by insurance company.
Talk to a specialist
Tell Us About Your Firm. We’ll Tell You What We See.
Starting out or renewing, with a policy in hand or not. If something is worth discussing, we’ll call. If not, we’ll say so.