Cover for your professional advice and service
Professional Indemnity Insurance protects you against third party claims for financial loss and damages which arise from errors or omissions in your professional advice or services.
Professional Indemnity Insurance has become a common contractual obligation. It is a vital insurance cover for builders, contractors and many others in the building and construction industry. Especially when providing services that involve the application of a specialist expertise.
Specialist services needing protection can be wide and varied. Some construction industry examples include:
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Project and construction management
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Design and construct
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Building design work
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Design interpretation and drafting
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Building consultants
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Design modifications, made by builders at request of owners
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Management services
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Vicarious liability: being held liable for the negligence of other professionals (e.g. architects and engineers).
Did you know?
When arranging Professional Indemnity Insurance, there's some important aspects to consider, including knowing the periods you're covered for, important timing in notifying the insurer and must haves in your policy.
When you're covered
Professional Indemnity policies only work in respect to claims or incidents that might cause a claim and are reported to the insurer during the period the policy is actually in force.
This means that if a policy expires without you notifying the insurer of a dispute over a financial loss on a job, any subsequent claim or legal action will not be covered.
For this reason, we recommend policies should be either maintained continuously as annual cover or arranged as a project specific policy including an additional period beyond the construction phase for a predetermined number of months or years.
Must haves in your policy
It's of greatest importance that the professional activities you wish to insure are stated in your policy. Always remember that your policy will only respond to the activities stated. The fact that you may hold Professional Indemnity insurance does not automatically mean that you are covered for any business activity in which you are, have been, or may become engaged.
We're here to help
Professional Indemnity Insurance policies can vary greatly - some may exclude risks that others insure. Make sure you buy the cover you need and you're no aspect of your services are left vulnerable to legal claims.
Master Builders Insurance Services can provide detailed information on the differences between the many policies available. We can help you choose the best policy for your needs. Email our team today for a referral to our trusted insurance provider for a tailored quote.