01270 758056
Hensure Business Insurance has developed an on-line quote and buy system for Professional indemnity insurance for quantity surveyors, Manchester

Professional indemnity insurance for quantity surveyors

Professional indemnity insurance for quantity surveyors should form an integral part of your risk management today.

You provide a service that comes with expectation of a certain level of professionalism and specialist knowledge.  Your expertise in costs and financial management are an essential part of major construction projects which could leave you vulnerable to claims of negligence when projects go wrong.

Hensure Business Insurance Consultants have developed an online quote and buy facility for many trades including Quantity Surveyors which can cover you for Professional Indemnity Insurance.

If you are a RICS member we have a specific RICS approved Surveyors wording available otherwise a construction professionals wording will be available for all other surveyors.

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.

Example claim.

Please see below a typical example of a claim made against a Quantity Surveyor:

“A client began a claim against their quantity surveyor for making errors in respect of quantities and anticipated losses in relation to a contract which the quantity surveyor was responsible for. The Claim was dealt with by professional indemnity insurers and eventually settled at £150,000 including the legal costs.

 

Professional Indemnity insurance for quantity surveyors policy wording covers:

  • 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.

Run off Cover

When a business ceases to trade run off cover will be require. The reason for this is that Professional Indemnity insurance is acclaims made policy, so it is the policy in force at the time a claim is made that will deal with the claim. If a business ceases to trade and doesn’t buy run off insurance then there would be no policy in force.

It’s a requirement of the RICS regulations that run off cover is maintained for a maximum period of 6 years, although contractually the requirement may be longer.

Run off cover will usually only be offered by the insurer in place at the time the business ceases to trade.

 

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

 

 

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