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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Malpractice Insurance


Synonyms:liability coverage, medical malpractice, negligence
Filed Under: insurance
Tags: insurance
 

Definition of malpractice insurance

malpractice insurance
1. A type of professional liability insurance sought by individuals, such as doctors or lawyers, that provides protection against clients who sue and claim damages resulting from the professional's misconduct, be it from negligence, or intentional harm.

Related Terms and Acronyms:

  • comparative negligence   The degree to which the claimant's own negligence factored into damages, and how much liability can be attributed to each party.
  • contributory negligence   A legal defence that can be applied if the plaintiff is at least partially responsible for a harm, and if they are found partially liable, they can be denied any compensation.
  • errors and omissions insurance   Insurance that protects architects, home inspectors and contractors from claims by clients for professional mistakes.
  • indemnity insurance   A class of insurance that covers liability for damages, which includes insurance types such as malpractice insurance and errors and omissions insurance.
  • liability insurance   Insurance that provides coverage for damages caused by an individual or entity's negligence or legal responsibilities.
  • malpractice   Negligent acts done by a professional that causes injury to a plaintiff.
  • professional liability insurance (PLI)   Insurance that covers professionals for liabilities occurring due to negligence or harm in a product or service they provide.

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