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Professional Indemnity Insurance for Party wall surveyors, Manchester

Professional indemnity insurance for party wall surveyors

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

If you are a RICS member then you will have to be insured on a RICS approved surveyors wording. If you are not a RICS member than a construction professionals wording will be more than sufficient and you should be able to buy a policy online through our site, subject to the proposed risk satisfying the underwriting criteria stipulated by the insurers.

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

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

  • Company size – The overall size of the firm. The Insurers 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.
  • Overseas exposure – Does the practice carry out work for overseas clients.
  • 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.

Depending on the nature of your work then it should be possible for you to buy a policy without the need to fill in a lengthy proposal form. Try us today and we are sure that you will not be disappointed.

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