Has anyone *ever* claimed on PI insurance?

[pr1]

A few hundred £££ for a MILLION pounds of PI cover, and you sign up by ticking a few tick boxes (no proof of qualifications or anything to prove you're competent to do what you're doing - particularly thinking about Engineering here)

Wondering if anyone has ever heard of anyone (a one man band/contractor) being claimed against and the insurance having to pay out? Is the reason the quotes are so low just because no one has ever claimed on it? Would it all fall down if someone actually had to pay out?

[Fred Bloggs]

I suspect, like you, the claim rate is tiny.

[SimonMac]

I am friends with an insurance broker and she said the wording of my PI is not worth the paper its written on, I suspect the claim rate is low, and the payout rate even lower. I see it more as a box ticking activity for agents who request it, but don't really understand it.

[LondonManc]

I also see it as an IR35 benefit, that a contract is insisting on PI/PLI cover. Permies don't require it.

[NotAllThere]

This question has been asked a number of times, and I believe the last time someone actually researched it properly, the number of claims was exactly zero.

[pr1]

This question has been asked a number of times, and I believe the last time someone actually researched it properly, the number of claims was exactly zero.

This is as I suspected - cheers

Time to start a PI insurance company

[VectraMan]

Time to start a PI insurance company

Good plan.

Limited liability should protect you anyway, unless you do something really stupid. Box ticking exercise all round.

[ContractorBanking]

Good plan.

Limited liability should protect you anyway, unless you do something really stupid. Box ticking exercise all round.

Absolutely, easy money.

My Dragon's Den moment was to set up a PI Insurance Company and sell PI insurance for £20. The excess would be twice the insured amount, ensuring no one claimed.

Agents and clients would love it, but they wouldn't see the excess.

risk-free money.

[northernladuk]

I've just sued a solicitor over a flat purchase and his PI ended up paying out. Just saying like.

[Unix]

Absolutely, easy money.

My Dragon's Den moment was to set up a PI Insurance Company and sell PI insurance for £20. The excess would be twice the insured amount,ensuring no one claimed.

Agents and clients would love it, but they wouldn't see the excess.

risk-free money.

Or would buy it.