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Professional indemnity insurance for estimators

Professional indemnity insurance for estimators

Hensure Business Insurance has developed an on-line quote and buy system for professional indemnity insurance for estimators.

As an Estimator you provide a service that comes with an expectation of a certain level of professionalism and specialist knowledge.  You will be preparing work to be estimated by gathering proposals, blue prints, specifications and related documents. Computing costs by analysing labour, material and time requitements

Today’s commercial environment is becoming increasingly litigious with clients seeking compensation far more frequently than in the past. Even if the allegations made against you are false the legal costs involved in defending the claim can be very high.  With the right professional indemnity insurance for estimators in place the only cost you’ll have to pay is the excess on the policy no matter how high the legal costs involved!

Professional indemnity insurance covers you in respect of compensation that you may have to pay to your clients arising out of problems associated with the work you have carried out for them. The insurance is designed to cover the cost of defending you against any allegations of wrongdoing as well as covering damages that may be awarded against you. It may also cover the cost of correcting mistakes in order to avoid a more costly legal action.

What will professional indemnity insurers look for in order to assess the risk?

  • Company size – The overall size of the firm. The Insurer s will want to understand the size of your firm in terms of the number of directors and qualified staff who give advice and also the turnover of the firm.
  • Qualifications and experience – Insurers will most probably want to see a CV which shows that the relevant people within the firm have a minimum of five years’ experience.
  • Type of work – Insurers will want to understand the nature of the work that you are involved in.
  • Contract sizes- Insurers will be interested in the total contract values that you are involved in and not just your own fee income for the job. Insurers see a direct correlation between the contract values and the potential exposure that they could face to large claims.
  • Retroactive exposure – Does the business have an exposure to claims arising from past work, whether in the current business or a previous company.
  • Claims experience – The claims experience is an important factor in the assessment of a risk. 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.
  • Overseas exposure – Does the practice carry out work for overseas clients.

If you are a RICS member (Royal Institute of Chartered Surveyors) we have a specific RICS approved wording available otherwise a construction professional wording will be available for all other estimators.

Policy coverage under the construction professionals policy wording

  • 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

Contact us today or call 01270 758056 if you need more information or alternatively click get a quote to obtain an online quotation.

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