FireNet Community

FIRE SERVICE AND GENERAL FIRE SAFETY TOPICS => Fire Safety => Topic started by: jasper on November 02, 2006, 12:25:49 PM

Title: Insurance
Post by: jasper on November 02, 2006, 12:25:49 PM: Just wondered who (of the consultants on here) you use for professional indemnity insurance, I am with royal & sun alliance but the premiums have increased massively each year for the last 5 years. Any details of who to contact would be great.
Title: Insurance
Post by: kurnal on November 02, 2006, 02:27:59 PM: Jasper
I am happy with my arrangements - no increase in cost last year- and would be happy to discuss by phone or email.
Title: Insurance
Post by: Ashley Wood on November 02, 2006, 02:30:19 PM: I leave this to my broker and he looks after our interests very well. Give Trevor Hibbins a call on 01487 814931 and have a chat. Mention my name and he will probably increase your premium! Good luck
Title: Insurance
Post by: Paul on November 02, 2006, 02:50:15 PM: I use Hiscox. They seem to stay pretty much the same year in year out and are specialists in this type of work.

I use a broker also, so I'm not sure if you can deal direct.

Paul
Title: Insurance
Post by: Redone on November 03, 2006, 04:25:40 PM: Hiscox good for me too.
Title: Insurance
Post by: Brian Catton on November 03, 2006, 05:03:11 PM: Can you give me contact details for Hiscox please
Title: Insurance
Post by: Martin Burford on November 03, 2006, 05:21:06 PM: Hiscox.good for me too!
Conqueror

try 0870 4023200
Title: Insurance
Post by: boroboy on November 03, 2006, 05:25:19 PM: Quote from: Conqueror
Hiscox.good for me too!
Conqueror

try 0870 4023200
Ask for Stephen Williamson
Title: Insurance
Post by: jasper on November 07, 2006, 05:20:12 PM: Thanks for the info guys, got double the cover for less than half price with Hiscox
Great Stuff
Title: Insurance
Post by: adeb on April 17, 2007, 02:42:01 PM: What level of professional indemnity insurance is required (PII) is normal
Title: Insurance
Post by: boroboy on April 17, 2007, 02:48:00 PM: It depends on what level of work and what sort of clients you are going to work for. I would suggest at least 1/2 million and preferably 1 million. Some clients will insist on at least 1 million. Work I'm currently waiting on for a local authority requires considerably more than that.
Title: Insurance
Post by: kurnal on April 17, 2007, 03:57:43 PM: I think 1 million is the norm for PI. Indeed I have been unable to obtain quotes for more than £2million cover - the insurance said they would only consider it on a case by case basis. The trouble with local authorities is they make rediculous demands and then never bother to check. I lost one contract because they wanted 5million cover and in my tender I offered a maximum of 2. I know for a fact the successful bidder never bothered to get the insurance and still is operating at 1 million.
Title: Insurance
Post by: Chris Houston on April 17, 2007, 04:42:20 PM: [Warning: controversial]

If you are giving advice to the owners of a building that is worth, say £5m, does it not follow that they should rightly expect for you to have insurance to cover their loss should you get it wrong and this leads to a fire that leads to the complete loss of the building?

I would expect a mechanic working on my car to have enough insurance to pay for the damage that could go wrong if he makes a mistake, and the same of a consultant.
Title: Insurance
Post by: Mike Buckley on April 17, 2007, 04:52:10 PM: Whether or not you do have the insurance to cover the loss, isn't it the case that the owners of the building will be coming after you for the damages? I would think that it is only prudent to have enough cover so if something does go wrong you will still have the shirt on your back.
Title: Insurance
Post by: Chris Houston on April 17, 2007, 04:57:37 PM: They would always have that option, but would probably only pursue it if they thought they could get some money. Companies don't tend to sue private individuals who have little in the way of assets ("men of straw"). It's perferd to sue an insurance company, as they will have the money. Which is why people want contractors to have insurance.
Title: Insurance
Post by: kurnal on April 17, 2007, 05:44:01 PM: Yes Chris but how far do we go with this? I have advised stately homes that with contents are priceless.Even the insurance companies will not put a value on it. Another project building costs £60 million and contents probably double that.

None of the parties involved would have insurance cover to a fraction of that.
And in any project is the fire consultants likely to be wholly liable for a total loss? I doubt it.

And if lives are lost or injuries caused and I am liable I cannot insure against fines in any case. Recent fines in the london case £200k. Bankruptcy and imprisonment would be the only possible outcome.
Title: Insurance
Post by: Chris Houston on April 17, 2007, 05:50:26 PM: It's a difficult question and not one that I have the answer to, although on the point of the value of the building - I can't see how they have purchased insurance for a building without telling the insurance company the insured value.
Title: Insurance
Post by: nearlythere on April 20, 2007, 02:11:51 PM: Just as a matter of interest how much would one expect to pay for Professional Liability insurance of £1m?
Title: Insurance
Post by: kurnal on April 20, 2007, 02:14:59 PM: Shop around. Hiscox currently about £750- 800