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PROFESSIONAL INDEMNITY EXCESS WAIVER (PROFS AVE) PROPOSAL FORM GROUP APPLICATION Insured Registration Number Physical Address (incl. postal code) Postal address (incl. postal code) VAT Number Telephone

How to fill out professional indemnity excess waiver

How to fill out professional indemnity excess waiver

1. To fill out a professional indemnity excess waiver, follow these steps:
2. Read the terms and conditions of the waiver carefully to understand the coverage and exclusions.
3. Gather all necessary information, such as policy details, the amount of excess to be waived, and any supporting documents.
4. Contact your insurance provider or broker to obtain the professional indemnity excess waiver form.
5. Fill out the form accurately and completely, providing all required information.
6. Review the filled-out form for any errors or missing information.
7. Sign and date the form, confirming that the information provided is true and accurate.
8. Submit the filled-out form to your insurance provider or broker either through mail, email, or in person.
9. Keep a copy of the filled-out form for your records.
10. Await confirmation from your insurance provider regarding the acceptance of the waiver request.
11. If approved, make sure to keep a record of the waived excess and any changes to your policy.

Who needs professional indemnity excess waiver?

1. Professional indemnity excess waiver is typically needed by professionals who have professional indemnity insurance and want to reduce their financial exposure to excess payments.
2. Professionals such as lawyers, insurance brokers, architects, engineers, and consultants often require professional indemnity excess waivers.
3. These waivers provide an added layer of protection by waiving or reducing the amount of excess that the professional would normally need to pay in the event of a claim.
4. It is advisable to consult with your insurance provider or broker to determine if a professional indemnity excess waiver is necessary for your specific profession and circumstances.

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What is professional indemnity excess waiver?

Professional indemnity excess waiver is a provision that allows the insured to waive the requirement of paying the excess in the event of a claim.

Who is required to file professional indemnity excess waiver?

The insured party or policyholder is required to file the professional indemnity excess waiver.

How to fill out professional indemnity excess waiver?

To fill out the professional indemnity excess waiver, the insured party must complete the form provided by the insurance company with accurate information.

What is the purpose of professional indemnity excess waiver?

The purpose of professional indemnity excess waiver is to help the insured avoid paying the excess amount in case of a claim, thus reducing their financial burden.

What information must be reported on professional indemnity excess waiver?

The professional indemnity excess waiver must include details of the insured, policy number, coverage period, and any other relevant information specified by the insurance company.