Engineers professional indemnity insurance
At get indemnity
we offer tailored insurance solutions to engineering firms with less than £100m turnover. chemical, civil, electrical, geotechnical, mechanical or structural engineering will all need to consider professional indemnity insurance
If you are unfortunate enough to become the target of an allegation there can be significant financial consequences, even if the allegation holds no merit. Engineers professional indemnity insurance claims can include:
Breach of confidentiality
Most engineers find they are required to maintain professional indemnity insurance to meet the conditions in their contracts. However, consideration should be made to how much PI insurance is required in order to provide sufficient protection in the event of a claim.
We have the online tools to access and tailor quotes for engineers PI insurance
from the wholesale market. However, if you would like to discuss your individual needs, please contact us
Engineering professional activities by risk
Engineers have a high exposure to sizeable claims because of the typical reliance on the advisory and technical services provided.
The type of activities you undertake and projects you work on will have a direct bearing on your insurance premium.
> Lower risk engineering activities
> Aborted Work
> Acoustical Engineering
> Communication Engineering
> Electrical Engineering
> Forensic Engineering
> Heating and Ventilation
> Hydrological Engineering
> Mechanical Engineering
> Project management
> Medium risk engineering activities
> Civil Engineering
> Environmental Engineering
> Process Engineering
> Structural Engineering
> Testing Laboratories
> High risk engineering activities
> Chemical Engineering
> Facade Engineering
> Soil Engineering
> Marine Engineering
> Nuclear Energy
> Oil & Gas
> Piling and Foundations
The nature and size of your largest projects over the last 12 months will provide insurers with rating information to measure the potential for future litigation and claims.
High risk projects include:
Aviation, Bridges, Harbours, Jetties, Leisure Centres, Medical Centres, Mining, Nuclear, Oil & Gas, Railways, Roads, Schools, Sewage Systems, Sports Stadiums, Tunnels, Water Systems
Compare engineers professional indemnity insurance
At get indemnity
we continue to see soft market conditions for engineers PI insurance
with reductions in premiums available, however there have recently been signs of a hardening market with a reduction in the number of competing insurers.
Medium to high hazard engineering activities may come under increasing pressure to accept premium increases, with less insurers willing to compete. Your PI insurance broker should engage with you early in the renewal process to ensure sufficient strategic planning to obtain a satisfactory renewal.
Additional Engineers Insurance:
We have a range of business insurance
products available for engineering firms to transfer risk. At get indemnity
we can offer comprehensive solutions to ensure you have the necessary protection.
> Engineers public liability
Public liability insurance will provide a legal defence and cover the cost of damages arising from injury or property damage, of third persons.
Engineering firms should consider public liability if you have clients or members of the public visit your premises, or if you visit clients at their premises.
> Engineers employers liability
Employers liability insurance will provide a legal defence and cover the cost of damages against claims arising from injury or illness of your employees.
Engineering firms will typically employ staff, therefore under UK law will be required to purchase employers liability.
> Engineers cyber crime
The fraudulent theft of funds and your legal liability to third parties from a cyber crime can all be very costly.
Some insurers have combined covers traditionally offered under crime insurance
and cyber insurance
under one policy.
This guide is for information purposes and based on sources which we believe are reliable, the general risk management and insurance information is not intended to be taken as advice with respect to any individual circumstance and cannot be relied upon as such.