OSPE - The Voice - Summer 2013 - (Page 26)

EnGInEErInG IntEllIGEnCE INSuRING YOuR WORK JLT Canada answers common questions on liability coverage for engineers 1. What is General Liability insurance? As licensed professionals, engineers require certain types of insurance coverage to mitigate their risk. following are answers to common questions on insurance coverage for professional engineers: General Liability insurance provides protection for your company against lawsuits from third parties for bodily injury and property damage caused by your business, products or operations. 2. Does General Liability insurance include Errors and Omissions (E&O) coverage? No. General Liability coverage only covers property and physical damage, but it does not cover professional errors, negligence or malpractice. E&O insurance protects your business in the event that a customer or client alleges that their company incurred a financial loss as a result of an error in your performance. 3. What is the difference between Professional Liability insurance and E&O insurance? The two terms are generally interchangeable, but Professional Liability insurance is really a type of E&O insurance. Engineers would opt for Professional Liability insurance, while E&O coverage is available to many practitioners who would not normally be considered “professionals,” such as graphic designers and pet groomers. 4. What kind of risk does E&O insurance cover? E&O insurance covers a negligent act, error or omission. It protects professionals by shielding their assets and paying for a defence if a client makes a claim. It protects the professional’s clients, as well, by ensuring there will be adequate funds to pay for damages incurred if the professional’s services are deemed to be faulty. 5. If I were to be sued, would E&O pay for my legal expenses? Yes, your legal expenses would be covered. Amounts payable for investigation, defence, or settlement supplementary payments will be paid, in addition to your coverage limits. 2 6 TheVoice Summer 2013

Table of Contents for the Digital Edition of OSPE - The Voice - Summer 2013

OSPE - The Voice - Summer 2013
Contents
Viewpoint
Newsbytes
Anne Sado, P.Eng.
National Engineering Month Ontario 2013
Engaging Tomorrow’s Engineers
Student Ambassador Profile
Innovation
The OSPE Research and Innovation Guide
The Advocacy Agenda
Maintaining and Expanding Our Engineering Capability
Engineers as Leaders
Why Throw It Away?
Connecting with Queen’s Park
Can We Engineer Better Drivers?
Insuring Your Work
Closing the Gap
Bridging the Gap
Learn, Develop, Grow Your Career
Grow Your Engineering Team

OSPE - The Voice - Summer 2013