BEST SOLUTION FOR YOUR BUSINESS
Reliable services for your specific needs
Providing advice relating to individuals finances is a complex and meticulous area that requires a high level of knowledge and expertise. Incorrect calculations or small oversights could almost certainly cause financial loss to their clients.
Architects principal function is design and specification of buildings. The main transfer of risk is in the form of remediation costs incurred by third party clients who contract the architect to implement a build.
Design & Construction
Design and construction or Design and build policies affords cover for the design element of build works and is rated in the same context as Engineers for this element of works. Rating is divided between: Where a firm constructs froms its own design.
Engineers cover a wide spectrum of activities ranging from Structural to Electrical and Mechanical, each area proving challenging and requiring procedures to be implemented.
A surveyors responsibilities can vary from one professional to the next and due to the complex nature of surveying risks it is vital insurers fully understand the business of the insured.
Insurance Intermediaries facilitate the purchase of insurance and provide a specialised transfer of risk process between the insured and insurers relating to all classes of business.
Directors & Officers
Directors & Officers (D&O) liability insurance is intended to protect individuals and companies from personal and corporate financial losses as a result of being sued as a director in a company or other type of organization.
Recent years have seen radical changes in the governance by the Solicitors Regulatory Authority in liaison with London Market broker and insurer representatives. Much debate has focussed on problems invoked by unrated capacity in the market.
The title ‘Miscellaneous’ is as broad as you might imagine and is normally used to encapsulate most risks outside of what insurers may consider their ‘core’ or ‘traditional’ target professions such as surveyors or architects etc.
“Accessibility, competitiveness and speed of turnaround to brokers is a priority.”
- Wimsure Underwriting -
Why buy Professional Indemnity
The accountability of professional entities underpins the efficacy of their conduct and advice and the sanctity of reliance on their service. This is a thread that runs through all business that hinges in part or whole on service and advisory exposures. Design or third party liability is inherent in many types of businesses and services that may not consider themselves a profession, joint and several liability can bring a party into a claim where the principal party is.
Apart from mainstream professionals that are subject to codes of professional ethics and conduct defined by their professional bodies that set rules and regulations that they operate under, but also by law and duty of care principles. Third parties who rely on the advice and service of the professional require recourse against the professional in event of errors and omissions that the professional may incur. This may not just mean the direct consequences of the actions and proffered advice that will impact on the third party relying on the professional , but the omissions and absence of necessary advice or action that the professional is obligated to provide.
Without the cover there would be a limited mechanism of recourse against the professional which puts the consumer of services in a precarious position in the event of an error or omission. This has a direct business effect on the professional, and whether their consumer will buy their services, as against a supplier who does have the cover. The consumer wants to know that should there be a failure, or short fall in services, there is a requisite transfer of risk that will underpin in the business interest.
A key factor which draws in the professional exposure is joint and several liabilities where there are a number of parties involved with a project and different contracts are in play between the parties. This is particularly demonstrated in construction projects that involve multiple parties performing different roles. Often it is the fault of a less pivotable party such as a subcontractor for specialist services that cause the loss to the third party end consumer, but the action against the main contractor or architect bears the first line of defence and related costs, even if they have a small percentage of causal fault if any.
Costs of action can be large, and are often the majority of the claim quantum incurred over long periods of dispute. Even if the claim is defended successfully and there is no professional fault there may still be large costs that are not compensated following an action. The ability to field onerous defence costs in itself is a prime justification for policy purchase as this can have a heavy cash flow penalty on a business.
A Professional indemnity product that provides insurance protection to the customer against financial losses from a breach of professional duty if they provide designs, specifications, advice, or instructions.
There are no add-on covers available to purchase separately under this product.
- Civil Liability and negligence only, and or Errors and Omissions (in respect of Professional Indemnity Risks) wordings
- Legal Liability wordings
- Claims made policies only
- Compensation, damages, or legal costs the insured is legally liable to pay a client or customer for loss or damage resulting from negligent services or advice provided.
- Defence costs incurred in respect of a covered claim on an addition to limits basis
- Libel and slander extension
- Breach of confidentiality extension
- Infringement of copyright extension
- Compensation for attendance up to £50,000.
- Criminal proceedings regarding health and safety.
- Loss of documents. Unintentional destruction, damage or loss to any documents which are the property of the Insured in relation to professional services. Up to £250,000.
- Sub consultants but must carry own PI Insurance to £2m unless agreed otherwise.
- Primary and excess of loss coverage
- Limits up to £5M any one claim or aggregate
- Limit costs inclusive or in addition according to risks written
All professional classes except Independent Financial Advisors, Lloyd's and reinsurance brokers.
- Independent Financial Advisors
- Solicitors attaching below £10m limit
- Public limited Companies
- Nuclear risk
- Estate Agents
- Surveyors / RICS
- Solicitors excess of £10m limit of indemnity attachment
- Chartered Surveyors (Valuations up to 20%)
- Building Surveyors
- Quantity Surveyors
- Heat and ventilation
- Mechanical and Electrical
- Consulting Engineers
- Civil Engineers (Ex Major roads, bridges, harbours)
- D&C values up to £50m
- Fee income values up to £5m
- Subscription participation available
HOW TO SUBMIT
Wimsure submissions will be accepted via email at firstname.lastname@example.org
- Fully completed and signed proposal form
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0203 058 1090