Pre Action Protocol

An agreed protocol designed to speed up legal process.

Partners Previous Business Cover

An extension to cover, providing cover for a partners previous business activities generally limited to a business of the same profession of which the partner has been engaged to the extent that the partner alone is liable and limited to the extent of such partners liability.

Period of Insurance

The time for which the policy is in force as shown in the schedule.

Plaintiff

The person making the claim against the insured

Policy

The written contract of Insurance.

Policy Limit

The maximum amount a Policy will pay, either overall or under a particular coverage.

Premium

The amount paid to an Insurer or reinsurer in consideration of their acceptance of a Risk.

Premium Financing

Where a policyholder contracts with a lender to pay the Insurance Premium on his/her behalf. The policyholder agrees to repay the lender for the cost of the Premium, plus interest and fees.

Professional Indemnity Insurance

In its most basic form it provides cover for claims brought against the policyholder due to their professional negligence.

Professional Institutes

Professional bodies who represent a groups of professionals, usually representing their interest and governing the way they conduct their businesses by setting rules and standards.

Project Management & Project Co-ordination

Underwriters generally distinguish between project management and project
co-ordination in that a project manager is responsible for appointing (or advising on the appointment of) other parties necessary to the contract. A project co-ordinator takes no part in the appointment process as this role is undertaken in full by the principal.

Proposal Form

An application by a proposer for Insurance on a printed form. The proposer becomes the Insured when the application has been accepted and the contract brought into existence.