Professional indemnity insurance

[davidd]

We need some, at least £500ks worth. Bearing in mind we are tainted by the IT brush anyone know where we can get some cheap?

D

[JonRB]

Have a look at the PCG web site and/or Contractor UK. They have a few tie-up deals with insurers.

[insurance_jon]

I do it - ring me on 01924 895568. Not too cheap but it depends on industry specifics. Plus I charge less for the decent people off this site.

[VEX]

What do you think you are going to have to pay?

I thought it would be cheap for my field and ended up with the best quote being £1250!

[clapham993]

Bank on 2-3% of your business turn-over for PII

[davidd]

clapham993 said:

Bank on 2-3% of your business turn-over for PII

I bloody well hope not, I don't mind paying a couple of k but 2-3% is a lot more than that. I thought they would look at the size of project we do and the value to the customer and base it on that.

D

[insurance_jon]

The lowest I have seen in IT was £950. It is based on your turnover, Qualifications, Market Sector and sample clients from your portfolio ususally.

[UpTheIron]

What about this:

www.quayfs.advisernet.co.uk/Pinsa.html

Cheapest I have seen - by a long way

[clapham993]

davidd said:

clapham993 said: Bank on 2-3% of your business turn-over for PII I bloody well hope not, I don't mind paying a couple of k but 2-3% is a lot more than that. I thought they would look at the size of project we do and the value to the customer and base it on that. D

The position is that the insurance markets are taking a generic view that PI is high risk business.

Two years ago, I saw my practice premium rise from £620k to £1.35m. This year they rose to £1.7m. This was whilst our claims track record (one of the best in our industry) actually improved and after agreeing to a £500k excess. I spend a lot of time advising private sector healthcare providers who are operating concessions to the NHS and, for this type of business, a number of the private sector providors (including some household names) simply cannot get cover and are having to self insure.

My partners and I would seriously contemplate going down the self-insurance route but the RICS (our professional governing body) will not allow any firm of Chartered Surveyors to practice without PII.

And surveying is one of the more attractive sectors for PI insurers.......