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 Admitted vs. Non-Admitted Insurance: What Your Contract Actually Requires How Much Should a Small Firm Budget for Insurance? Finishing Another Firm’s Project. What Happens to Your Professional Liability When You Stamp Drawings You Didn’t Start Your Revenue Went Up, So Did Your Premium. How Professional Liability Is Priced, and Why Money You Pass to Consultants Still Counts Small Claims: Should You Just Pay It Yourself?
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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