Are you in the process of closing or selling your engineering business? Or perhaps you’re not working as an engineer for a period of time? Don’t make the mistake of cancelling your Professional Indemnity (PI) Insurance without the appropriate Run-off PI Insurance cover to protect against future claims. Without it, there is no financial protection…
Cost pressures are mounting for countless businesses during this challenging economic period, thrust upon us by COVID-19. And while many company owners are looking to cut expenditure, or even cancel insurances as a result of winding up their business, it’s essential to understand the importance of maintaining Professional Indemnity (PI) Insurance. Cancelling PI Insurance could…
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…
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…
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…
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…
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…
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…
Why is PI insurance required? Professionals such as engineers are considered experts in their field, and as such are presenting themselves as having special skills or expertise on which members of the community can rely. This reliance attracts a duty of care. If a professional engineer breaches their duty of care by making an error…
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