Professional Indemnity Insurance
 

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Are You a Builder Surveyor/Certifier/Builder Giving Advice? Draftsman, Designer, Architect or any Building Professional–You Need to have Professional Indemnity Insurance to Protect Yourself

Professional indemnity (PI) insurance protects professionals from claims made against them by their past or present clients. PI is available to professionals in numerous industries and covers any damages payable to clients due to negligence or mistakes, covers all legal defense costs and also any other costs related to the indemnity of the insured professional.

Professionals are legally held to a higher degree of skill and experience than other people and could be considered experts in their respective industries and also expected to uphold professional standards.

If a client suffers a material, financial or physical loss that can be attributed to an experts failure to uphold their professional standards or the provision of that experts advice, then the expert risks being sued for a breach of their professional duty. Professional indemnity insurance indemnifies you against a claim resulting from a breach of professional duty.

All PI insurance policies have a limit of indemnity and an excess. The limit of indemnity specifies the absolute maximum amount that the insuring party will pay in total for any individual claim. The excess applies for each individual claim that exceeds the limit of indemnity and specifies the amount that must be paid by the insured.

PI insurance is written on a claims-made basis, meaning that the insurance policy provides cover for claims made during the period the insurance is active in respect of professional services rendered after the agreed retroactive date and always subject to the terms and conditions of the insurance policy at the time.

The agreed retroactive date is specified in

the insurance policy schedule and depends among other factors on the PI insurance package. Who is Professional Indemnity Insurance for?
In the past, professional indemnity insurance was only considered by medical workers, engineers, solicitors accountants and a few other professions.

However, in recent years the legal definition of professional has expanded to include a number of workers and specialists across a wide range of industries.

Today, professional indemnity insurance can cover all professionals providing services and are regarded by their clients as experts in their fields. In short, experts expected to uphold specific professional standards are open to a legal claim against them. Builders, Draftsmen, Designers, Architects and most professions in the Building Industry who offer advice, are in this category and you therefore need to protect yourself in the event of a claim. Call us 03 8789 5800 Be Sure Be Safe Build Sure BuildSafe
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Thank you so much for your efficient and friendly manner, it was really appreciated
Greg