Professional liability insurance and Surety bond

Shortcuts: Differences, Similarities, Jaccard Similarity Coefficient, References.

Difference between Professional liability insurance and Surety bond

Professional liability insurance vs. Surety bond

Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. A surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract.

Similarities between Professional liability insurance and Surety bond

Professional liability insurance and Surety bond have 4 things in common (in Unionpedia): Construction, General contractor, Indemnity, Warranty.

Construction

Construction is the process of constructing a building or infrastructure.

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General contractor

A general contractor (main contractor, prime contractor) is responsible for the day-to-day oversight of a construction site, management of vendors and trades, and the communication of information to all involved parties throughout the course of a building project.

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Indemnity

Indemnity is a contractual obligation of one party (indemnitor) to compensate the loss occurred to the other party (indemnitee) due to the act of the indemnitor or any other party.

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Warranty

In contract law, a warranty has various meanings but generally means a guarantee or promise which provides assurance by one party to the other party that specific facts or conditions are true or will happen.

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The list above answers the following questions

What Professional liability insurance and Surety bond have in common
What are the similarities between Professional liability insurance and Surety bond

Professional liability insurance and Surety bond Comparison

Professional liability insurance has 48 relations, while Surety bond has 58. As they have in common 4, the Jaccard index is 3.77% = 4 / (48 + 58).

References

This article shows the relationship between Professional liability insurance and Surety bond. To access each article from which the information was extracted, please visit:

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