From reading posts on here Im led to believe that the person signing the electrical certificates should have professional indemnity insurance, what does this actually cover against and what do you do if the company you work for aren't that interested in taking it out, I suppose I have the option to take it out at my cost.
professional indemnity insurance
- Thread starter fattony
- Start date
Sponsored Links
It covers your professional opinion should you give inaccurate advice on a Periodic Inspection Report for example that somebody decides to challenge.
Not quite, although the money would come in handy 
It's like any other insurance, the third party sues in court and if they win the insurance company pays.
If you work for a company you're signing in their behalf so they would need PI insurance not you.
PI insurance can be very expensive, I think my premium is a round 3K for 2m cover. It is also back dated so clients can claim up to 12 after completion.
It's like any other insurance, the third party sues in court and if they win the insurance company pays.
If you work for a company you're signing in their behalf so they would need PI insurance not you.
PI insurance can be very expensive, I think my premium is a round 3K for 2m cover. It is also back dated so clients can claim up to 12 after completion.
Sponsored Links
Are you sure it is "back dated"
Most insurance (e.g. public liability, motor, property) is "events occurring" - i.e. if you had a car accident last year the policy in place last year (at the time of the accident) would cover it, even if you are with a different insurer now.
Professional Indemnity is "claims occurring" so the policy you have in place when you first receive the claim covers you even if the work was done years before. Hence you require the insurer to accept claims from work done in previous years and they want details of work you have done, and likely claims arising from it (Full disclosure - and if this is not done it gives them an escape route). They WILL NOT cover on this year's policy claims you receive next year relating to this years work, to have this cover you will have to maintain the insurance for a few years after you stop just to make sure you have cover in place when a claim might come in.
If in doubt, or confused by this speak to your broker.
Most insurance (e.g. public liability, motor, property) is "events occurring" - i.e. if you had a car accident last year the policy in place last year (at the time of the accident) would cover it, even if you are with a different insurer now.
Professional Indemnity is "claims occurring" so the policy you have in place when you first receive the claim covers you even if the work was done years before. Hence you require the insurer to accept claims from work done in previous years and they want details of work you have done, and likely claims arising from it (Full disclosure - and if this is not done it gives them an escape route). They WILL NOT cover on this year's policy claims you receive next year relating to this years work, to have this cover you will have to maintain the insurance for a few years after you stop just to make sure you have cover in place when a claim might come in.
If in doubt, or confused by this speak to your broker.
- Joined
- 8 Feb 2008
- Messages
- 435
- Reaction score
- 20
- Country
Pensdown
My PI is through the ECA - I have £1m cover for just over £1K.
The reason I mention this is because the year before last my premium was £1.35k. I told the broker I could get it for £1k and 'hey presto' my quote was reduced. Might be worth a try.
Edit: BTW it is 'claims made' through ECIC
My PI is through the ECA - I have £1m cover for just over £1K.
The reason I mention this is because the year before last my premium was £1.35k. I told the broker I could get it for £1k and 'hey presto' my quote was reduced. Might be worth a try
.Edit: BTW it is 'claims made' through ECIC
I must be a greater risk than you
Believe or not that is the reduced figure. Our premium gets pushed up because we design and manufacture a PDU which is sold to the aviation industry in the USA. Although it's only used to power commercial flight simulators the insurance companies get cold feet.
A few years back we had a good run of designing and installing control systems for large water features on cruise ships. The insurance companies were fine for those sailing in Asia and the Med. As soon as we mentioned the Caribbean....up went the premium.
Believe or not that is the reduced figure. Our premium gets pushed up because we design and manufacture a PDU which is sold to the aviation industry in the USA. Although it's only used to power commercial flight simulators the insurance companies get cold feet.
A few years back we had a good run of designing and installing control systems for large water features on cruise ships. The insurance companies were fine for those sailing in Asia and the Med. As soon as we mentioned the Caribbean....up went the premium.
- Joined
- 8 Feb 2008
- Messages
- 435
- Reaction score
- 20
- Country
My policy is world wide - apart from the USA & Canada .
It excludes Railways, Aviation, Marine and Directors and Officers Liability.
I sure if I look all through it I will find that it does actually cover something
.It excludes Railways, Aviation, Marine and Directors and Officers Liability.
I sure if I look all through it I will find that it does actually cover something
DIYnot Local
Staff member
If you need to find a tradesperson to get your job done, please try our local search below, or if you are doing it yourself you can find suppliers local to you.
Select the supplier or trade you require, enter your location to begin your search.
Are you a trade or supplier? You can create your listing free at DIYnot Local
Sponsored Links
Similar threads
- Big_Spark
- Electrics UK
