Tackling the challenging PI Insurance market
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Tackling the challenging PI Insurance market

Professional Indemnity (PI) Insurance has been a point of pain for a vast number of engineers over the last 12 -18 months, and continues to be so across the Australian market. A significant rise in the quantity and severity of PI insurance claims, combined with the ‘cladding crisis’, and increased litigation have seen PI Insurance…

Potential professional indemnity claim? Four steps to follow if your business receives a letter of demand.
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Potential professional indemnity claim? Four steps to follow if your business receives a letter of demand.

If a third party believes you or your engineering firm are responsible for loss or damage through an alleged breach in your professional duty, and they decide to seek compensation, you will likely receive a letter of demand. No matter how far-fetched a claim may appear, whether you believe it happened or not, it is…

Understanding PI insurance: How to stay covered
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Understanding PI insurance: How to stay covered

Professional indemnity (PI) insurance can keep you covered for past projects and well into the future, as long as you follow some key rules. An engineer, in their daily work, sells themselves to their client as an expert. The client relies on the engineer to provide trusted professional advice and make decisions on their behalf…

5 important tips for claiming on your Professional Indemnity Insurance
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5 important tips for claiming on your Professional Indemnity Insurance

In our experience, there are 5 common areas we see many engineers being let down by their Professional Indemnity (PI) policy. With allegations against engineers for breaches of professional duty becoming increasingly common, it is essential your PI insurance responds to provide financial protection in the event of a claim. Unfortunately, unwanted “hiccups” often occur come…

Professional Indemnity Insurance Tips
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Professional Indemnity Insurance Tips

Know what to look out for when it comes to Professional Indemnity Insurance… 1. Business activities Your business description MUST accurately describe your business activities. Example: To an insurer, a mechanical engineer working on the mines has a very different risk exposure to a mechanical engineer working on building services. Failing to adequately disclose the…

Premium Funding: Making your business insurance cover more affordable
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Premium Funding: Making your business insurance cover more affordable

When it comes to your engineering firm’s business insurance premium, it can often be an inconveniently large lump sum. Premium Funding payment solutions can help to free up your company’s finances, enabling you to put them to more productive and immediate uses by investing in areas that directly impact the growth of your business. What…

Mandatory Data Breach Notification laws: Tips to protect your business
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Mandatory Data Breach Notification laws: Tips to protect your business

22 February, 2018 saw the Australian Government enact the Notifiable Data Breaches (NDB) scheme, requiring any organisation affected by a serious data breach to notify all individuals whose information may have been compromised. Non-compliance may result in heavy fines and penalties being imposed on both businesses and individual directors. This article covers the full impact…

Understanding and managing contract risks

Understanding and managing contract risks

Smaller engineering companies can sometimes expose themselves to significant financial liabilities by not properly examining proposed contracts, according to a leading insurance lawyer. Smaller engineering companies can sometimes expose themselves to significant financial liabilities by not properly examining proposed contracts, according to a leading insurance lawyer. Matthew Curll is a partner at Hall & Wilcox. He…

5 important tips for claiming on your Professional Indemnity Insurance
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5 important tips for claiming on your Professional Indemnity Insurance

In our experience, there are 5 common areas we see clients being let down by their Professional Indemnity (PI) policy. With allegations against engineers for breaches of professional duty becoming increasingly common, it is essential your PI insurance responds to provide financial protection in the event of a claim. Unfortunately, unwanted “hiccups” often occur come claim…

Does your business have a risk register?
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Does your business have a risk register?

A simple risk register could prevent potentially catastrophic outcomes. What is a Risk Register? A Risk Register is a central repository listing all potential risks associated with either operating your business generally, or undertaking an individual project. This master document not only lists potential risks, but grades them according to their likelihood of occurrence and…