Indemnity Insurance

[Underground]

Can anyone please direct me to insurers that provide indemnity insurance for risk assessors that are inspecting premises?  I have had a look around Google, but it seems hard to find companies providing the service.  One that I did find quoted £700 - is that a good benchmark?  Any help would be appreciated.

[The Colonel]

Hi

Mine is arranged through brokers Blyth Valley and is around £300, just about to add a few extras such Pc, laptop, cameras etc.

Try this  www.blyth-valley.co.uk/pi

Good luck

[kurnal]

Are you talking Professional Indemnity? If so try Hiscox expect to pay about £750 per million cover for a smaller enterprise-its linked to turnover.
For Employers liability or public liability theres a huge choice - all the big insurers do it

[Underground]

I do mean professional indemnity.  I guess that £700 was a fair price then, as it seems to me that cover of about £1m is what should be considered?!

[kurnal]

Depends on the nature of the work you are carrying out - and any special requirements of your clients.

Some are totally unrealistic- one local authority wanted me to provide  £10 million PI cover for a few risk assessments in public buildings- I offered £2 million cover but didnt get the job. I tried to point out that £10million normally relates to Public liability- and is standard for that at reasonable expense. I couldn't buy that much cover even if I tried (I did ask)

Remember also that PI cver is continuous- ie stop paying the premium and cover lapses. So you would need to maintain the cover for a reasonable period after ceasing trading. Some say you should look at 10 years.

[jasper]

got a great deal with hiscox

[Ashley Wood]

The figures sound about right. I have £2 million PI and it was £1250.

[nearlythere]

Depends on the nature of the work you are carrying out - and any special requirements of your clients.

Some are totally unrealistic- one local authority wanted me to provide  £10 million PI cover for a few risk assessments in public buildings- I offered £2 million cover but didnt get the job. I tried to point out that £10million normally relates to Public liability- and is standard for that at reasonable expense. I couldn't buy that much cover even if I tried (I did ask)

Remember also that PI cver is continuous- ie stop paying the premium and cover lapses. So you would need to maintain the cover for a reasonable period after ceasing trading. Some say you should look at 10 years.

Think you'll find that public sector organisations in general require minimum £10M. Even contracted window cleaners are required to have that, albeit, public liability.
What you find is that small contractor A cannot tender for contract as PL insurance is too big. Bigger contractor B with £10M PL gets contract and then subs it to contractor A.

[kurnal]

What you find is that small contractor A cannot tender for contract as PL insurance is too big. Bigger contractor B with £10M PL gets contract and then subs it to contractor A.

No what I find is that "bigger contractor" lies and wins contract. Turns out to have less PI than me and uses entirely off duty fire officers as consultants.  Nice glossy brochure though with pictures of sydney opera house and mercedes manages to pull wool over eyes of client.

Yes no problem with £10million Public liability and employers liability- this is the standard and reflects the compensation culture and potential claims in the civil courts. Professional indemnity is different kettle of fish and claims are more likely to be accurately assessed and linked to value of actual harm caused by poor advice. Much more subjective, to specific job undertaken.