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The term Abandonment as used our day to day language, has a similar connotation in insurance. In an insurance policy, it refers to the right of an insured to not accept a property damaged due to a claim and abandon/leave it to the Insurer to handle. Eg If a vehicle...

A retroactive date is normally the date from which the insured had held uninterrupted professional indemnity insurance policy. The retroactive date is applied to all professional indemnity insurance policies and its objective is to prevent any claims arising from work done prior to date shown on the professional indemnity insurance...

Directors and Officers Insurance Policy (D&O) is a kind of liability insurance policy that offers coverage for court cases against Directors and Officers of a particular organisation. The policy covers mistakes and decision errors made at managerial level which may lead to unfavourable and financial loss situations for the company....

Employment Practices Liability Insurance also known as EPLI, is a claims-made insurance policy which compensates defence cost and settlement expenses incurred by an Employer against fighting employee related court cases. An employee is a crucial part of any organisation and fighting against an employee related court case can result in...

Defense cost is primarily all the expenses and fee charges incurred defending against a court case. The cost or expenses include court fees, hiring a lawyer, filing legal paperwork charges, gathering facts expenses and all the other related costs. In insurance many liability insurance coverage policies include these expenses in...