PI insurance

jay82

hey guys i couldnt find any thread relating to professional indemnity insurance. could anyone explain exactly what it is, what aspects it covers and where to get insured from in Sydney,Australia?

InsideInsurance

Professional Indemnity insurance covers your liabilities arising from advise you give to others in a professional capacity.

The classic example is for an architect who designs plans for a building and after its built its found to have a fundamental flaw in its design resulting in significant rework being required. The client sues the architect for the error in the design and the architect's insurance defends them and pays any compensation that is deemed appropriate to the client.

Given this is a UK based forum I doubt many will be able to advise where in Sydney you can get it but I would imagine any commercial insurance broker will be able to provide it. The more vanilla you are the easier it is to place.

Be aware that typically, in the UK at least, cover is based on date of claim not date of loss. So you effectively need to keep being insured for at least a few years after stopping working in a capacity that you require it. Insurance therefore should provide retrospective cover and good policies do. Recently here a bunch of budget policies have started to appear that have very poor coverages and this is one thing they are starting to drop to enable them to slash the prices

rs65

jay82 wrote: »

and where to get insured from in Sydney,Australia?

The only one I can think of is JMD Ross - they have a PI team.

jay82

Have you had any personal experience, or you yourself insured by them so as to know how reliable they are? and do you have any idea wht they might quote? i need a little insight on the prevailing market rates before i approach any insurer. thank you:)