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.
Guides that use it
Articles that explain it
First-Dollar Defense vs. Deductible Including Defense Costs: What Engineers Need to Know Why a Cheap Online E&O Policy May Not Cover Your Engineering Work Miscellaneous Professional Liability vs. an Architects and Engineers Policy: What New Design Firms Should Know Reality Capture and Progress Reports: When Lenders and Owners Rely on Your Numbers Insuring a $50,000 LiDAR Scanner or Drone: Equipment Coverage for Surveyors and Scanning Firms You Got a Demand Letter. What Happens After You Report a Professional Liability Claim?
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.
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