Why choose Hensure for PI insurance
Personal Service
Our business is not a call centre, but instead provides a personal service and dedicated team to assist with your queries.
Experienced Team
Our team has a wealth of experience and knowledge to help you and your business get the most appropriate cover for your needs.
Online System
Our full 24/7 quote and buy facility allows you to run a personalised quotation, at a time that suits you and your business.
Why professional indemnity insurance for Construction Project Managers matters.
The construction sector now engages a broad range of professionals, each with a tightly or loosely defined role, depending upon the size and complexity of the job.
The normal functions of a construction project manager will be to mobilise, organise and co-ordinate the activities of a multi-discipline team to complete a project on time, to budget and to a good quality.
A whole range of situations could cause a claim to be made against you, including failure to control costs or failure to prevent error. PI insurance for construction project managers aims to mitigate the impact of such claims.
The construction industry is facing challenging times, mostly after the Grenfell fire, which has led to insurers reacting quickly in the professional indemnity market. As a result, the professional indemnity market has hardened for construction professionals, with increasing costs and narrowing cover.
We have access to a panel of leading professional indemnity underwriters and insurers here in the UK. Our team are here to understand your requirements and help to get the most appropriate cover for you.
If you require more information or advice on professional indemnity insurance for construction project managers, then please do not hesitate to get in touch with our friendly team today.
Things we look for
- Company Size – the overall size of the firm, based on gross annual income of the company and the number of partners/ directors/ employees.
- Qualifications and Experience – insurers will want to know how many relevant years’ experience that you have in the trade and may want to see relevant CVs.
- Type of Work – insurers will want to know the split of annual income derived from each discipline that the firm is involved in; some areas are considered high risk and some areas are considered low risk from a claims point of view.
- Claims Experience – this information reflects on the type of work carried out by a company. It also reflects the quality of the company’s work, experience, staff & internal risk management.
- Turnover Split by Territory – a large exposure to USA/Canada in particular can be perceived as a problem due to the claims culture in North America and the likely costs involved in defending negligence claims in those countries.
Policy coverage
A typical Professional Indemnity insurance policy for Construction Project Managers will normally cover the following areas:
• Negligent act error or omission
• Unintentional intellectual property rights infringement (other than patents)
• Unintentional breach of confidentiality
• Unintentional defamation
• Fraud & dishonesty
• Loss of third party documents or data
• Computer virus transmission
• Negligence of sub-contractors
• Collateral warranties (limited to 2 assignments)
• Adjudications under the Housing Grants Construction & Regeneration Act
• Irrecoverable fees
• Bodily injury or property damage arising from breach of professional duty
• Defence costs
• Court attendance costs
• Breach of health & safety legislation
Your policy coverage may vary between insurer.
Insurance types
Professional Indemnity
- Professional Indemnity provides cover for claims that arise as a result of the work you have completed or advice you have given.
Public Liability
- Public Liability provides cover should members of the public receive an injury or property damage due to your work. This protects your business should a compensation claim be made, also covering any legal costs that result from this.
Employers’ Liability
- Employers’ Liability provides cover for compensation claims and associated legal costs, arising from employee injury or work-related illness.
Cyber Insurance
- Cyber Insurance provides support in the event of cyber-crime and unintentional data breaches, offering cover against the cost of revenue and fines.
Directors and Officers
- Directors and Officers insurance policies protect you financially against any claims that are made against you personally in your position as a director, partner or officer of your business.
Legal expenses insurance
- If you were involved in a legal battle, knowing that any money you spend on legal bills would be reimbursed could make all the difference. Legal expenses insurance does just that. It ensures that your business remains financially stable after a legal case by helping to compensate the business for incurred costs.
Contact us to find out more about the right cover for your business.
