Professional Liability Insurance

[Martin Burford]

Can anyone suggest a level of Professional Liability Insurancem for carrying out FRA's ?
All suggestions appreciated.
Conqueror.

[Chris Houston]

I would suggest that you need enough cover for any losses that a failure may result in, or that your customers demand - which ever be the higher.  So, if you advise people who own a £4 million building, you need at least £4m of cover plus a margin for buiness interuption, and personal injury claims.

I rather expect that most in the industry will disagree with me, pointing out that it is rather expensive to buy cover in the £100m + category, but that's my opinion nonetheless.

[kurnal]

I find it is driven by the customers requirements at the time of tender. But in answer to Chris I can't imagine a fire risk assessor being found wholly responsible for the total loss of a building and consequential losses.

I doubt you could buy cover of £100million  in any case.

The insurers will scrutinise the assessors standards of work, and scale of risk, client portfolio  and set limits according to their assessment of  financial risk.