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 Claims Adjusters should be considered.
As a Claims Adjuster, you provide a service that comes with an expectation of a certain level of professionalism and specialist knowledge. If things were to go wrong, then you could find yourself being held accountable for the financial losses of your client and the legal costs of defending your position. Professional Indemnity insurance is designed to mitigate the effects of such actions.
As PI policies are written on a ‘claims made’ basis, they provide cover for claims made against you during the policy period (i.e. after the inception or renewal date), that relate to work that you have done at any time after the retroactive date.
Policies on a claims made basis should include a retroactive date, to protect the policyholder against claims in respect of work undertaken prior to the current policy year. The retroactive date should coincide with the date you started trading or the effective date of your first claims PI policy. It is possible to arrange a policy with a retroactive date of none, which effectively provides cover in respect of all previous periods.
Typical Claims Example
A loss adjuster authorised payment of some items under a delegated authority agreement, but when the file was later audited by the insurers, it turned out that the loss adjustor had not interpreted the cover under the policy wording and had authorised payments of £10k that would not have been covered by the policy. The insurers claimed against the loss adjuster and they, in turn, used their professional indemnity cover to get the payment settled.
For further information on all aspects of professional indemnity insurance for Claims Adjusters, please contact us 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.
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.
Policy coverage
A typical Professional Indemnity Insurance policy for Claims Adjusters will normally cover the following areas:
- Breach of Civil Liability
- Negligent act, error or omission
- Negligence of sub-contractors
- Irrecoverable fees
- Rectification and loss mitigation costs
- Bodily injury or property damage arising from breach of professional duty
- Defence costs
- Unintentional intellectual property rights infringement (other than patents)
- Unintentional breach of confidentiality
- Unintentional defamation
- Loss of third-party documents or data
- Computer virus transmission
- Court attendance costs
Your policy coverage may vary between insurer.
