PI Insurance for issuing PIRs

[Smugley]

Hello all, just looking into getting some Professional Indemnity insurance to cover me for issuing PIRs. Not sure what would be an expected level of cover for domestic only. My PL cover is

 

[a1]

Hello Smugley,

Someone will answer your question soon - but in the meantime, have you tried our sponsor First4TradesInsurance.co.uk?

Regards,

Admin.

 

[Smugley]

Cheers. Had a quick look but seems they only offer PL insurance.

 

[Dunx]

Thats not a bad quote [assuming the covers ok], mine was nearly 300 last year for the same cover. The problem with PI insurance is that it covers you for giving 'bad advice'. I am sure its much more complicated than that but it gets very expensive for big sums of money. The theory is that if you take reasonable care and follow accepted guidelines on PIR's then you should be OK. Give bad/misleading advice and a house burns down.....

Dunx

 

[Manator]

The level of PI insurance should be properly apportioned to your turnover, if you do 300 or more domestic PIR's over a year, I would want more cover than if I did 4 PIR's in the same period. I have 10 million PL insurance and PI for 1 million, the 1 mill deal was more expensive than the 10 mill PL, it is also hard to find those who will insure for such levels. For a DI doing only domestic I would think 250k is enough, providing you are competant to give advise and services that meet the clients requirements. One idea and this goes for all who do PIR's and such like, write up a document like the ones banks and insurance companies give, you know the ones, they go along the lines of identified needs, and requirements, followed by your advise or actions given by the clients needs, get them to sign so they except that advise (with its limitations). This allows you to aportion some of the blame to the client if there is any discrepencies at a later date. Your liability will be determined by the level of advise given, but the risk will be shared by the client and will reduce the total amount payable under such a claim against you.

The most important thing is to fill each and every report, EIC, MWC and PIR with as much detail as possible, I always give at least 3 if not 4 pages of information with all my PIR reports, which include why I have given the codes I have given.

 

[S60TEM]

I got my PL and PI insurance through NAPIT's insurance scheme.

It all depends on the type of work you do most, whether you work on mainly domestic, work at heights, in confined spaces etc etc

I paid

 

[Smugley]

Thank you all for your advice. Unfortunately ECIC (Insurance co. associated with ECA/ELECSA) only do PL and not PI cover. The NAPIT deal sounds quite good. I think I'll just go with 250K for now as I expect I'll only be doing 5-10 per year at this stage. Tried reading the terms of the insurance cover and it made my head spin!

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One idea and this goes for all who do PIR's and such like, write up a document like the ones banks and insurance companies give, you know the ones, they go along the lines of identified needs, and requirements, followed by your advise or actions given by the clients needs, get them to sign so they except that advise (with its limitations). This allows you to aportion some of the blame to the client if there is any discrepencies at a later date. .

Manator, I don't suppose there's any chance I could take a look at an example of such a document?