Contract Information: Selected Plan Content

The following information gives you an overview of the important contents of the insurance contract for Professional Indemnity for Digital Professions and the risk carrier Markel. We expressly point out that this information is not exhaustive.

1. Type of Indemnity Insurance Offered

The insurance is Financial Loss Indemnity Insurance (FLII) with integrated Professional Indemnity Insurance (PII) for freelancers and service providers.

The financial loss indemnity insurance also includes first-party claims insurance. The following are insured, among others

• Costs of an external PR consultant in the event of imminent or already occurred reputational damage due to a damage event,
• Changing or blocking your own website (e.g. hacking damage)
• Replacement of lost, own, written documents for order processing,
• Costs for loss of your own domain caused by a third party (legal protection for domain)

Optional Modules

In order to adapt the insurance cover individually to your business model, exali.com’s professional indemnity insurance offers additional add-ons:

• First-Party Cyber and Data Risks Insurance (FPC)
• Engineering Activities (ENG)

2. Premium Payment:

The insurance premium is paid annually by credit card as shown in the premium invoice.

3. Failure to Pay the Premium

First or one-time premium

If the insurer does not receive the first insurance premium due to your fault (e.g. insufficient funds in your account), the insurer has the right to withdraw from the contract. The insurance coverage then only begins with the receipt of the late payment.

Follow-up premiums

In the event a follow-up premium is not paid on time, the insurer may set a payment deadline for the policyholder in writing and at the latter‘s cost, which must be 30 days. The insurer is released from the obligation to pay if the insured event occurs after the expiry of the deadline, and the policyholder is in default regarding the payment of premiums or interest or costs.

After the expiration of the deadline, the insurer may terminate the insurance contract without a notice period, if the policyholder is in default with regard to the payment of owed amounts. The insurer may combine the termination and the definition of the payment deadline to the effect that the termination takes effect upon the expiration of this deadline if the policyholder is in payment default at that time. The insurer will explicitly advise the policyholder of this consequence when the termination is issued. The termination is not valid if the policyholder submits the payment within 120 days after the termination or the expiration of the deadline, unless the insured event has already occurred.

If the policyholder paid only part of the subsequent insurance premium and the insurer‘s payment reminder was unsuccesful, then the insurance contract remains in force for a term proportionate with the premium paid.

4. Minimum Contract Period

The contract period is at least one year, unless the 01.01. of a year has been selected as the primary due date (this can be useful for taxation purposes, for example). In this case, the minimum term is calculated from the shortened year (up to 01.01 of the following year) plus 12 months. You determine the exact start and, if applicable, the different primary due date in the online application. Your entries are documented accordingly in the online policy.

5. Start of Insurance

When you pay by credit card, if the application questions are answered with yes, you will receive immediate insurance coverage, i.e. from 12:00 a.m. CET of the selected start of insurance (including Saturday or Sunday). In the online application, you can choose a backdate of up to 3 months or a date that is up to 12 months in the future.

6. Contract Extension and Termination

The contract is extended by a further year if it is not terminated by one of the parties (policyholder or insurer) with one month’s notice to the end of the insurance year.

7. Special Right of Termination

In addition to the ordinary right of termination at the end of the contract, it is also possible to terminate the contract extraordinarily after a damage event has occurred.

You also have the right to extraordinarily terminate the insurance if you cease to work (for a freelancer, for example, when you switch to permanent employment). In this case, any overpaid premiums will be reimbursed proportionally.