Proffesional Indemnity Insurance

[sunsno]

I am trying to get quotes for Professional Indemnity Insurance, which I am lead to believe is a good thing to have if you do periodics.
Can anyone recommend a good company.
My current company who provide my Public Liability do not do PI.
I cant seem to find anyone who will provide just the PI on its own and those that do a combined PI/PL policy are charging extortionately for the PL element, which of course I already have!
Anyone had similar problems?...

 

[Softus]

Can anyone recommend a good company.

No, but if you're doing a poll then I've been happy with Zurich.

I cant seem to find anyone who will provide just the PI on its own and those that do a combined PI/PL policy are charging extortionately for the PL element, which of course I already have!

My PL isn't what I'd call extortionate. What is the quote you've been given?

 

[Taylortwocities]

The stand alone PI bit is a real pain as the proposal form has 1,000 pages. It covers many professions, not just sparking.

Can u drag it out until renewal time and then go for a sparky specialist package from someone like Trade Direct or Roxburgh.

Just take out a new insurance if you've only got a short time on yr existing and get a refund of premium. If you have used a broker he shouldnt be unhappy about that as he'll keep yr business.

 

[FingRinal]

PI insurance can be a nightmare just to thumb through the application from(s).

If you are a member of a Part P Scheme, or the ECA, I would expect insurance would be much simpler to obtain and much cheaper from their 'preferred' supplier.

If you do PIRs, you should have PI insurance as you are offering an opinion whereas with an EIC you are certifying something factually..er..so to speak.

 

[sunsno]

Sadly i've just renewed my PL but maybe I can cancel it. I will check out the companies Taylortwocities recommends first.
My PL was about £80 for £2M. The combined policies I managed to find were in the order of £250 but the PL element was around £180, well over twice what I pay now, PI part was actually quite reasonable but as I say not offered on its own.
I am in ELECSA and can't find anything on their website about PI insurance but in fairness I haven't actually asked directly.
Thanks for the prompt replies chaps.

 

[Softus]

The combined policies I managed to find were in the order of £250

Which is about £1.25 per working day. Can you not find a way of passing on that overhead in the whatever rate you charge?

 

[sunsno]

Yes, I'm sure I can pass it on. Its not so much the actual amounts involved its the relative difference in in quotes. One being over 100% more than another for the same thing. While £1.25 may not buy much, £100 will buy several rounds of drinks, even at you're London prices. Which I feel a much better distribution of wealth that lining the pocket of an insurance salesman.
It may interest you to know that I originally come from Yorkshire and we all know the definition of a Yorkshireman is a Scotsman with the generosity beaten out of him!

 

[Softus]

 

[gas4you]

Try HERE

I use these, no lengthy paper work to fill out either. Just select what cover limit you want.

Compared with my PL alone last year, they saved me over 1/3 with £1,000,000 PI and better cover for extras as well.

 

[sunsno]

Thanks gas4you, in fact that is one off the places I have already been looking.
All the companies the search finds, that do PL for around £70 will not offer PI. Those that do offer PI charge much much more (twice) for the PL part which you are obliged to take as well.
Unscrupulous so and so's, worse than Estate Agents!!

 

[Softus]

Unscrupulous so and so's, worse than Estate Agents!!

Frankly, whilst many Estate Agents aren't my favourite people, this kind of statement p*sses me off.

Do you think that insurance companies are there to do you a favour? If you do, then get wise, because they're there to take your money and not pay out. That's the essence of their existence.

If, as a tradesperson, you're prepared to make that kind of generalisation, what right will you ever have to feel irked when tarred with the brush of other, rogue tradesmen?

Or are you one of them?

 

[sunsno]

I have never ripped anyone off in my life and have always tried to do the very best job I can, whatever it may be I am asked to do.
It p*sses me off when I don't get the same from others...

By the way, get a sense of humour Softus.

 

[Softus]

Oh, I see. You were making a joke. That's OK then.

BTW, it wasn't a funny joke. Here's a funny one:

Q: What's the difference between God and a hospital consultant?

A: God doesn't think he's a hospital consultant.

 

[JohnD]

Insurance companies certainly exist to make a profit, but in my (slight) experience, when dealing with a customer who has made a valid and honest claim, and isn't trying to wangle a bit extra out of them, they pay up correctly.

A satisfied customer (like me) who goes around saying that Direct Line and Privelidge paid up and were very fair is worth no end of mailshots.

General Insurance is very competeitive, and most UK insurance companies pay out each year in claims and expenses about 100% of the money they take in premiums, give or take 5% or so. Often they pay out over 100%

 

[Pensdown]

I am in ELECSA and can't find anything on their website about PI insurance but in fairness I haven't actually asked directly.
Thanks for the prompt replies chaps.

Call the ECA as they do PI insurance via ECIC. The form is around 10 pages and I found their prices competitive

http://www.ecic.co.uk/pi.asp