Insurance

[jasper]

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.

[kurnal]

Jasper
I am happy with my arrangements - no increase in cost last year- and would be happy to discuss by phone or email.

[Ashley Wood]

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

[Paul]

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

[Redone]

Hiscox good for me too.

[Brian Catton]

Can you give me contact details for Hiscox please

[Martin Burford]

Hiscox.good for me too!
Conqueror

try 0870 4023200

[boroboy]

Hiscox.good for me too!
Conqueror

try 0870 4023200

Ask for Stephen Williamson

[jasper]

Thanks for the info guys, got double the cover for less than half price with Hiscox
Great Stuff

[adeb]

What level of professional indemnity insurance is required (PII) is normal

[boroboy]

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.

[kurnal]

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.

[Chris Houston]

[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.

[Mike Buckley]

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.

[Chris Houston]

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.