In just a few years, Australia’s insurance market has gone from one of the hardest in recent memory to one of the softest. Premiums are falling. Quotes are suddenly easy to come by. And a number of insurers who once pulled back from engineering risks are re-entering the market, looking to secure business they had not long ago declined to cover.
New risks for engineers as NSW rewrites proportionate liability rules. Legal changes in NSW mean engineers could face greater liability exposure. Learn what this means for your contracts, coverage and risk.
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…
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…
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…
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…
