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Posted By Richie H
Hi all,
Apologies for the repetition of thread subjects but unable to find what i need, even searching the forum.
Can anyone provide me with details of a credible insurance company to provide PI insurance for cover of £1 Million?
Any direction would be appreciated.
Cheers
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Posted By Bruce Sutherland
if you are doing normal things then try Senate we had really good service from them if it involves asbestos - Heath Lambert, Miles Smith or Howdens are the main industry brokers
Cheers
Bruce
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Posted By Bob
Richie,
It's important to ensure you have a policy wording that reflects your particular circumstances, also that the Limit of Indemnity you chose is sufficient for your exposure (is £1m sufficient?).
As Bruce implies you need professional help with this and it's crucial that you involve a good commercial insurance broker. (Personally I would make enquiries locally as there are some excellent smaller brokers out there from whom you are likely to get a far more personal, bespoke and helpful service).
Hope this helps.
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Posted By Garry Homer
If your needs are very specialised then:
HCC International Insurance Company PLC
You can arrange a rolling renewal with them and pay a fixed monthly fee that only changes when certain limits are reached, ie turn-over or change in cover required. A simple declaration each year that material facts remain unchanged is all that is necessary. Not the usual multi-page declaration.
Garry
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Posted By Richie H
Thanks to all for your responses, i do hope £1,000,000 is enough cover! I will speak with a local broker who will hopefully be able to provide a bespoke service tailored for my needs. I intend to get a few quotes from your suggestions above too for comparisons.
If anyone has other companies that can provide PI please let me know.
Cheers
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Posted By Bob Richie, Try www.arthurdoodson.co.uk, ask for Mark Foley and mention my name - Bob Carter. (by the way I'd go for AT LEAST £2m)
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Posted By John A Wright
All my customers are small/medium so I've gone for cover of just £250k.
I used Blackfriars.
Check the small print, my policy says 'The limit applies to each claim' so if I had several claims they could pay total well over the £250k.
Self-empoyed, I have three sections of cover: PI, Directors Liability, Employment Law protection, and also legal costs for investigations and defence against disqualification as a director.
John W
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Posted By John A Wright
Woops, 'The limit applies to each claim' only applies to the PI.... :o))
Excess is £500.
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Posted By Bob
John,
Your post raises a couple of important points which I feel obliged to comment on for everyone's beneit :
1) 'All my customers are small/medium so I've gone for cover of just £250k'
I don't have the benefit of knowing exactly what your circumstances are but in my opinion this level of cover is woefully inadequate for anybody. The following is just one of many examples I could cite to illustrate my point :
As a result of your negligent advice there is a fire at your clients premises which destroys the building and all it's contents. You would be responsible for the cost of rebuilding the premises (including debris removal, architects fees etc, etc), the cost of replacing all the contents and also reimbursing your client's loss of gross profit during the (usually lengthy) period the business was interrupted. Just how far do you think your £250k might go?
2) 'Check the small print, my policy says 'The limit applies to each claim' so if I had several claims they could pay total well over the £250k'
A point very well made John. Under all PI policies, the Limit of Indemnity is what is referred to as an 'aggregate limit'. This 'aggregate limit' is the total amount payable in any one period of insurance, irrespective of the number of claims involved. Yet another reason why everyone should think very carefully before choosing which limit they should go for.
I can only repeat my opening comment - get professional advice from a good commercial insurance broker, it's vital.
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Posted By Tarquin Farquor
Bob,
This is an area that I will be looking at in the near future.
Thanks for the sound advice.
Regards,
TF
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Posted By John A Wright
Thanks Bob, I appreciate your advice there.
>>You would be responsible for the cost of rebuilding the premises (including debris removal, architects fees etc, etc), the cost of replacing all the contents and also reimbursing your client's loss of gross profit during the (usually lengthy) period the business was interrupted. Just how far do you think your £250k might go?
But how far does one go? My main customer (I suppose high end of 'medium' sized) has three buildings full of equipment and process. If any one of them burned down they might lose several million, mainly lost production. Hopefully they might not attribute such an event to me :o|
but surely consultants here are working for much bigger companies than I am?
John W
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Posted By Bob
The answer is John - as far as one can afford.
Don't just think about fire exposure in isolation - I only used that to get you thinking. Think about ALL the potential outcomes. Eg what if, as a result of your negligent advice, someone received a spinal injury and became a paraplegic for the rest of their life. How much compensation do you think the court might award, particularly if the ere relatively young?
(It's weekend, I'm off for a cold one now!!)
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Posted By Ian G Hutchings
Richie
I think it is possible to get carried away with insurance. It really depends on what you are advising on, how competent you are in each aspect of professional advice and the likelihood of your work being a contributing factor in the loss. So really it is down to your appetite for risk.
Are you advising on the design of safety critical systems for a nuclear power plant? Are you providing risk assessment for small companies, or somewhere in between.
Your work should come with guidance to the effect that you cannot possibly identify all the company risks. Hopefully the buck stops with the employer.
You can help yourself by trying to focus on the show stoppers that could possibly cause the largest impact for your client.
I am not aware of a plethora of claims going in against health and safety consultants.
All the best
Ian
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Posted By R Joe
For information - the Consultancy SG held a networking event yesterday for members and others that dealt with this issue as well as basics of contract law which is also equally important, and an associated issue. Petrina Beck the IOSH SG co-ordinator may be able to provide some information / point you in the right direction - and for those not making use of the SG events they're well worth considering - and good value - yes, this is a plug, but from a satisfied member!
Also as a relatively new consultant I've found the series of Business Information Sheets (available through Business Links and published by Cobweb) are really good. Number 404 is a 'Guide to Public, Professional and Personal Liability Insurance'.
Also Sennet are helpful and worth talking to - Rob Ward is the MD. I've got my policy with them.
One of the other things many don't realise is that the policies are on a 'Claims Made' basis i.e. they cover any claims in the period of cover only - this means that you will need run down insurance for (probably) 6 years after you stop being a consultant to cover claims that could still arise........
As others have said, it’s a good idea to take some advice on this.
Hope this helps a bit.
Regards RJ
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Posted By AHS
The run down bit really annoys me either you were insured at the time the alleged negligence took place or you were not.
IMHO I think this market needs extra competition to stop unfair terms and conditions.
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