What does ICPL mean in INSURANCE

Insurance Company Professional Liability (ICPL) covers the professional negligence of an insurance company's staff. This type of coverage protects against claims made against the company for errors or omissions in the performance of their services. It may also protect against losses suffered by insureds as a result of an insurer's improper actions.

ICPL covers the insurers themselves, including employees, agents, directors and officers. In some cases, it may provide protection to third-party vendors or subcontractors that work with the insurer as well.

ICPL provides coverage for occurrences such as errors and omissions in providing services; breach of contract; mismanagement; failure to properly investigate claims; improper settlement practices; neglect or delay in providing services; failure to pay benefits when due; bad faith denial or delay in settling claims and other professional negligence..

Depending on the policy terms, ICPL can provide coverage for compensatory damages, punitive damages, court costs, attorney fees, settlements expenses and any other sums incurred by the insured as a result of a covered occurrence.

Yes, most policies provide both first-party and third-party coverage. First-party coverage applies when an insurance company has wrongfully denied its own policyholders benefits due under their policies. Third-party coverage applies when another person makes a claim against an insurer for wrongful acts arising out of professional services performed by them.

Coverage limits are typically set by the individual policy language and vary from one insurer to another. However, generally speaking there are certain types of losses that would not be covered such as criminal acts or fraud committed intentionally by insurers or their employees, contractual amounts that exceed agreed limits and losses arising from environmental contamination liabilities.