Responding to requests of InfoComm International members, Lighthouse Underwriters, LLC is teaming with Lloyds of London to offer professional liability insurance designed to meet the needs of AV production and staging companies. The policy is designed to cover errors and omissions, leading to financial loss, arising out of activities such as consulting, installing, renting and designing within the audiovisual production and staging industry. Premiums start at $2,750.
Professional liability insurance could be useful if an InfoComm member company entered into a contract to handle the AV production needs for a client's new product launch and the lighting and sound effects came across so poorly that people began walking out of the event, causing the failure of the event and subsequent loss of ssales.
After reporting the incident in writing to the professional liability insurer and with its approval, the AV company would attempt to repair the relationship with its customer, including refunding the full cost of the job. But if that were not enough, the professional liability insurance would step in. The policy would defend the insured against the allegations and indemnify the insured for any monetary loss proven by the plaintiff/client.
The premium is based on the amount of sales generated from those areas. In recent years a growing number of InfoComm member clients have begun requesting certificates of insurance evidencing proof that they carry professional liability.
This professional liability insurance package is different from the commercial general liability coverage, which addresses bodily injury and property damage exposures, available to InfoComm members through the Take1 Program.
For more information on this and other member benefits, contact email@example.com.