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CDM-C's and PI Insurance
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#1 Posted : 13 March 2008 16:52:00(UTC)
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Posted By Clare M Thomas Does anyone have an opinion/specialist knowledge on what level of PI insurance a practice should carry for CDM-C services? Thanks Clare
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#2 Posted : 13 March 2008 17:08:00(UTC)
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Posted By Ian G Hutchings Clare I would imagine that it is linked to the size of projects concerned. From recent conversations it does appear that insurance premiums can literally double at the mention of undertaking CDMC responsibilities. This may also be dictated by clients, for example some may insist on a minimum of £5 million cover or higher. Best wishes Ian
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#3 Posted : 13 March 2008 17:18:00(UTC)
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Posted By Clare M Thomas Thanks for your response Ian. We are being asked to provide PI at the same level as the other professionals on the Design Team (all of them Designers) - on this occasion £10M (which admittedly is a first!) - and my query is to try to establish if it is fair/equitable for a Client to expect the same level of insurance for a CDM-C Practice as for Designers? I've tried to gauge the APS' opinion on the matter, but without specialist insurance knowledge they were unable to provide a formal answer! I really just want to gauge opinion before I go back to the Client and either accept it, or try to manage their expectations! Many thanks Clare
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#4 Posted : 13 March 2008 17:50:00(UTC)
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Posted By Bob Youel £10 million insurance is not a lot these days
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#5 Posted : 14 March 2008 08:13:00(UTC)
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Posted By Mitch Clare, My experience in mechanical engineering is £10 million has always been the minimum cover offered! Mitch
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#6 Posted : 14 March 2008 08:53:00(UTC)
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Posted By MS You may also have to keep the insurance for a period after you finish. For example, I know fire engineers that have to keep their PI insurance for 6 years after they retire.
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