Pecuniary damage liability insurance

What is a pecuniary damage liability insurance?

The pecuniary loss liability insurance is a special form of professional liability insurance that offers protection against so-called genuine pecuniary losses to third parties in the event of culpable causation. This means that these pecuniary losses do not occur as a mere consequence of personal injury or property damage.

For many freelancers and professions, it is essential to take out a pecuniary loss liability policy. In particular, for those professionals whose activities consist primarily of asset-related advice and support.

The violation principle applies. This means that the insured event is the professional misconduct that may lead to subsequent third-party liability claims. Here, the relevant time of the damage is the breach of duty and law, from which an event of damage develops in an adequately causal manner. This can also sometimes happen several years late.

Who needs pecuniary loss liability insurance?

This liability is particularly important for entrepreneurs, self-employed, corporations, chambers, associations, companies, as well as civil servants employees in the public service, who professionally or voluntarily for example :

  • Provide information
  • Performing services
  • grant advice
  • Mediate contracts
  • Provide expert opinions
  • Manage money
  • Certify

Thus, for example, a shredder, geriatric nurse, funeral director, funeral director, accountant, property manager, an office service, manager, a professional supervisor, data protection officer, designer, surveyor, journalist or expert, a pecuniary loss liability insurance is advisable. Because how easy it is for a mistake to happen in daily consulting, an error in a calculation or a wrong litigation. By law, the law even requires many professions to have property liability if the interests of the injured parties are set apart as being worthy of protection in a special way.

These professional groups include, for example, real estate loan brokers, real estate loan consultants, architects, income tax assistance associations, notaries, publicly appointed and sworn experts, patent attorneys, lawyers, tax consultants, insurance consultants and auditors.

According to the BFB (Federal Association of Liberal Professions), there are over 1,000,000 freelancers in Germany. The largest sector is occupied by representatives of the medical professions with more than 30 percent. The medical profession includes doctors, dentists, veterinarians, pharmacists and therapists.

The second largest group is that of right-. Business and tax advisory professions such as lawyers, auditors or management consultants. The third largest group are the professions around culture. Here you can find all creative, humanistic and teaching activities. The fourth group is formed by technical and scientific professions.

Property liability insuranceGraphic artistsMasseursLogopedists

Beautician Chiropodists alternative practitioner Journalists
Trainers It specialist Creative Lecturers
Scientists therapists Midwives Physiotherapists
Healing masseurs Graduate psychologists Auditors Interpreter
Translators Writers Teachers Educators

According to current case law, many self-employed people are also classified as freelancers. We show you examples in the following overview.

Property liability insuranceAerobics instructorsOutpatient nursingApp programmers

mountain guide Sculptor Showmaster Designer
Inventors Occupational therapist occupational therapist Driving instructor
Insolvency administrator Artist Speech Therapist Riding instructor

Anyone who operates such a business is required to carry financial loss liability insurance. For this reason, the liability insurance is called professional liability insurance in these cases.

Which persons are covered by property liability insurance?

Insured persons in the sense of the contract are insured companies and co-insured persons in the exercise of the insured activity.
Insured companies are

  • the policyholder
  • Subsidiary according to conditions (AGB)

Co-insured are

  • legal representative of the policyholder,
  • Executive and other salaried employees of the policyholder, marginally employed persons, voluntary helpers, trainees, volunteers, interns and working students,
  • employees of temporary employment agencies who are integrated into the business of the policyholder,
  • freelancers (natural persons) integrated into the business of the policyholder, as far as they work in the name and on behalf of the policyholder,
  • Shareholders, limited partners, shareholders, supervisory board members and advisory board members (natural persons), insofar as they perform an activity insured under this contract in the name and on behalf of the policyholder.

What are real property losses?

A pecuniary loss is a loss that is neither personal injury (death, bodily injury or damage to the health of people) nor property damage (damage, spoilage, destruction or loss of property, in particular money and monetary tokens), nor is it derived from such a loss.

With the extended pecuniary loss concept, pecuniary loss also includes the loss, alteration or blocking of electronic data.

What is a property damage example?

Here we consider only real financial losses, because these are insured in the pecuniary loss liability.

Like any other liability insurance, pecuniary loss liability protects the policyholder against damage to third parties caused by faulty actions. These can be, for example:

  • Errors in advice or calculation
  • Incorrect information
  • Contract designs that are unfortunately ineffective

Also damages caused by faulty omissions.

  • Missed deadlines
  • incomplete or incorrect information
  • an application is forgotten
  • Documents are not forwarded
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