Engineers Professional Indemnity Insurance
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Engineers 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:
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Design error |
Inadequate specification |
Bodily injury |
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Improper advice |
Breach of confidentiality |
Property damage |
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.
Engineering professional activities by risk
The type of activities you undertake and projects you work on will have a direct bearing on your insurance premium.
> Lower risk engineering activities
> Medium risk engineering activities
> High risk engineering activities
High risk projects include:
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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:
> 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.
> 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.
> Engineers cyber crime
The fraudulent theft of funds and your legal liability to third parties from a cyber crime can all be very costly.
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.