Engineers assess risks for a living, but the cost of failing to adequately protect your practice presents unexpected problems. Imagine you’re a self-employed civil engineer awarded a tender by a local construction firm to conduct a topographical survey and detailed design to upgrade a private road. Not only is it a fantastic project in your…
Engineers across many disciplines are grappling with skyrocketing Professional Indemnity (PI) Insurance premiums and unprecedented market conditions. The challenge of securing suitable PI Insurance cover only continues to grow.
With PI Insurance being a legal or contractual requirement for many engineers, market conditions persist to pose a major issue for many practices. Watch our free webinar recording and hear from a leading PI Insurer and engineering legal specialist, who will help you better understand how to combat this PI Insurance storm.
Under the current insurance market conditions, it is becoming increasingly common for engineers to find their PI Insurance cover has altered in some way at renewal. Below we explain the reasons behind this and some things you can do to assist in achieving the best available insurance coverage for your business.
Professional indemnity (PI) insurance can keep you covered for past projects and well into the future, as long as you follow some key rules. An engineer, in their daily work, sells themselves to their client as an expert. The client relies on the engineer to provide trusted professional advice and make decisions on their behalf…
In our experience, there are 5 common areas we see many engineers being let down by their Professional Indemnity (PI) policy. With allegations against engineers for breaches of professional duty becoming increasingly common, it is essential your PI insurance responds to provide financial protection in the event of a claim. Unfortunately, unwanted “hiccups” often occur come…
Know what to look out for when it comes to Professional Indemnity Insurance… 1. Business activities Your business description MUST accurately describe your business activities. Example: To an insurer, a mechanical engineer working on the mines has a very different risk exposure to a mechanical engineer working on building services. Failing to adequately disclose the…
Smaller engineering companies can sometimes expose themselves to significant financial liabilities by not properly examining proposed contracts, according to a leading insurance lawyer. Smaller engineering companies can sometimes expose themselves to significant financial liabilities by not properly examining proposed contracts, according to a leading insurance lawyer. Matthew Curll is a partner at Hall & Wilcox. He…
In our experience, there are 5 common areas we see clients being let down by their Professional Indemnity (PI) policy. With allegations against engineers for breaches of professional duty becoming increasingly common, it is essential your PI insurance responds to provide financial protection in the event of a claim. Unfortunately, unwanted “hiccups” often occur come claim…
Why is PI insurance required? Professionals such as engineers are considered experts in their field, and as such are presenting themselves as having special skills or expertise on which members of the community can rely. This reliance attracts a duty of care. If a professional engineer breaches their duty of care by making an error…
