Professional Indemnity rates still low 2011

Apart from the obvious high rated professions such as solicitors, independent financial advisers and survey valuation companies, the general rates for Professional Indemnity insurance have remained very low or static even for professions such as accountants and architects. The most competitive prices and costs with good policy definitions and clear explained (PII) wordings are miscellaneous professions such as IT consultants, business consultants and management consultants, the wordings for these classes have also been improved by some Insurers and provides Professional Indemnity insurance covers with any one claim and low excesses. PII brokers are also able to obtain worldwide cover including USA & Canada with low policy excesses.

Director of Professional Insurance Agents ltd, Graham Hearsey states that even though cheap and low prices are readily available for many classes on Professional Indemnity, that this would be a real danger to insurers and underwriters and that prices should clearly harden to meet possible claims

Professional Indemnity Insurance for Heating and Ventilation Engineers

Traditionally engineers would always hold Professional Indemnity Insurance covers, particularly if they were either civil, structural or consulting engineers, however, it may not have been purchased by companies or individuals running specifically heating and ventilating, ducting type businesses, however, nowadays most contracts being offered to these types of company would require them to hold Professional Indemnity and that particular policy should be worded based on a design and construct wording, ideally this is because the heating and ventilating engineer very often would produce drawings and give advice in respects to how their particular installation would work for a client.

We would highly recommend where a company is involved in this type of service, that they do consider the policies required to protect their company’s interest as should the work be completed and a subsequent complaint against either the design or construction of the ventilating system had been inappropriate as far as the client is concerned, they would need to protect themselves against this type of allegation. Naturally with a Professional Indemnity Insurance policy, this would offer them legal protection and costs to defend and also any damages awarded, should they subsequently be found to be neglectful in either the design or installation on the project.

Click for a Professional Indemnity Insurance quote from leading insurers.

How to purchase your Professional Indemnity Insurance

There has been an increasing demand for more professions of all kinds to consider obtaining Professional Indemnity Insurance, and in many cases contracts are not awarded, unless proof of purchase of cover can be given to a client.
If you have never had a Professional Indemnity Insurance policy and need to know where to obtain cover and PII quotes from, the options are very good. You can approach one insurer direct for quote and covers. On or offline the costs can vary depending on the level of indemnity you require, your background and experience in your profession and the type of service you offer your clients.
You can go on the internet to obtain quotes and buy online from various suppliers who will display the quotations and costs, together with the Professional Indemnity policy terms and conditions within minutes, you should be aware however of who you are buying from and whether they are giving you choices or only offering one insurer’s products, and indeed their experience in handling Professional Indemnity Insurance claims and queries, as the subject matter for this type of policy is indeed quite complex.
For more information go to: www.professionalinsuranceagents.co.uk or telephone us at Professional Insurance Agents Ltd +44 (0) 1323 648000