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Offshore Insurance Advice

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    Offshore Insurance Advice

    Hello,

    I am new to this forum and the contractor lifestyle and responsibilities, but I have done a significant amount of research into getting insurance. I know I need Professional Indemnity at £1million, Public and Employers Liability at £10million (or maybe £5million for PL) and finally, and most importantly, a form of offshore cover.

    I know the insurance companies, their packages and whats included however I would be very grateful for your recommendations on any insurance brokers with offshore cover that you are happy with or you think I may have missed.

    Thanks

    #2
    You don't need employers and why need offshore? And what is it?!

    Comment


      #3
      Originally posted by stek View Post
      You don't need employers and why need offshore? And what is it?!
      My contract requires me to have employers liability and I am pipe design consultant. offshore is anything not on land, as in my case oil rigs in the north sea

      Comment


        #4
        Originally posted by JimmyBobby View Post
        My contract requires me to have employers liability and I am pipe design consultant. offshore is anything not on land, as in my case oil rigs in the north sea
        Talk to a broker. If you supply your services to a UK registered/based end client off shore becomes moot. Off shore only really is relevant in insurance terms when it influences where you would be sued.

        Comment


          #5
          Originally posted by stek View Post
          You don't need employers and why need offshore? And what is it?!
          I needed it to get my current contract, as it supported the substition clause. It was only £20 a year so I didn't complain.

          Blakey

          Comment


            #6
            Originally posted by blakeyuk View Post
            I needed it to get my current contract, as it supported the substition clause. It was only £20 a year so I didn't complain.

            Blakey
            Quite correct. ELI covers any subbies as well as employees and is compulsory. You can't have a valid RoS without it.
            Blog? What blog...?

            Comment


              #7
              Originally posted by malvolio View Post
              Quite correct. ELI covers any subbies as well as employees and is compulsory. You can't have a valid RoS without it.
              1. You can take out ELI at the point which it is needed - when you hire the employee or subbie.
              2. If the subbie is another Ltd. Co. contractor through a contract for services they are not your employee.

              If ELI is a condition of the contract then you need it. There may also be special situations where ELI is warranted when subbing through a B2B agreement even though it's not a legal requirement. It may also be true that ELI doesn't cost much, although that doesn't detract from 1. above.

              But let's be clear: not having ELI does NOT invalidate your RoS.

              Comment


                #8
                Originally posted by Contreras View Post
                1. You can take out ELI at the point which it is needed - when you hire the employee or subbie.
                2. If the subbie is another Ltd. Co. contractor through a contract for services they are not your employee.

                If ELI is a condition of the contract then you need it. There may also be special situations where ELI is warranted when subbing through a B2B agreement even though it's not a legal requirement. It may also be true that ELI doesn't cost much, although that doesn't detract from 1. above.

                But let's be clear: not having ELI does NOT invalidate your RoS.
                Let's be clear: yes it does if you don't have it. It demonstrates that the RoS is a sham. Arguably, only buying it when you need it demonstrates you weren't intending to supply a substitute. For £20 a year, why faff around?
                Blog? What blog...?

                Comment


                  #9
                  Originally posted by malvolio View Post
                  Let's be clear: yes it does if you don't have it. It demonstrates that the RoS is a sham. Arguably, only buying it when you need it demonstrates you weren't intending to supply a substitute.
                  No, it shows that you were not intending to engage a subcontractor/substitute as an employee of your company. That doesn't rule out a B2B relationship.

                  Originally posted by malvolio View Post
                  For £20 a year, why faff around?
                  Yes indeed. The argument is moot because that is the correct answer. Here's your £20.
                  Free advice and opinions - refunds are available if you are not 100% satisfied.

                  Comment

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