Professional Indemnity insurance is designed for businesses and individuals providing professional advice, consultancy, design or specialist services.
A professional error doesn’t necessarily have to cause physical damage to create a significant financial exposure. An incorrect report, design error or negligent advice can result in a client suffering substantial financial loss.
We can explore a range of specialist professional indemnity insurance options, including cover for contractual liability, regulatory investigations, adjudication costs, and contractual dispute extensions. Policies can also include retroactive and run-off cover, as well as protection against claims arising from subcontractors’ professional negligence.
Maintaining an appropriate retroactive date can be particularly important when changing insurers because professional Indemnity is generally written on a claims-made basis.
An engineering consultancy provides technical designs for a commercial project.
An error in the design is subsequently discovered, resulting in remedial work and project delays. The client alleges that the consultancy’s professional negligence caused financial loss.
Subject to the policy terms, Professional Indemnity provides access to specialist legal representation and deals with the resulting claim and defence costs.
Professional Indemnity wordings can vary significantly between insurers.
We consider your profession, contracts, clients, turnover, geographical exposure and claims history before approaching insurers and specialist professional markets.
