Professional indemnity insurance - project manager - usual cover level?

[jj78]

Hi,

My contract agency have just told me that they require me to hold £1m minimum cover level for professional indemnity insurance.

My policy is with Axa, who will not cover me for any more than £250k.

1. What cover level do the other project managers here (Ltd. co, not umbrella) have in place?

2. Is it usual or reasonable for a contract agency to require this level of cover?

Thanks.

[malvolio]

You should have whatever the contract stipulates.

However as a PM you are no doubt up to speed on both risk and negotiation...


To be fair £1m is about par. I carry that permanently - as should you. I would look fits cheaper providers than Axa such as QDOS, direct line or Randell and Dorling

[Old Greg]

You're lucky you don't have suity on the project team.

[Pat Phelan]

I've only got £500k. Current agency asked for £1m, I just sent them the certificate and they accepted it without comment. Different agencies ask for different amounts, had one ask for £5m in the past!

[northernladuk]

Does it cover water damage from poorly bled radiators?

[radish2008]

call Hiscox

[ladymuck]

I have £1m with Caunce O'Hara.

Kingsbridge is another one to check out.

Do check the policy T&C's and especially the exclusions. Not all policies are created equal...

[scooterscot]

had to take out a lloyds syndicate this one time as no bugger would cover me

turns out working on.... opps can't say.

[Hiscox Insurance]

It varies but £1m is becoming fairly standardised

Hi folks

We are seeing more and more project managers, contractors and consultants being asked by those they are contracting with for £500k, £1m or £2m PI limits depending on the size and scale of projects they are involved with.

It is also worth checking that if an insurer offers you a higher limit, there are no hidden limits attached to certain activities or perils that you are most likely to claim against should the worst happen.

Appreciate that doesn't help if you're current provider won't increase the limit but at least provides a bit of insight as to what we are seeing at Hiscox.

All the best.

[Old Greg]

had to take out a lloyds syndicate this one time as no bugger would cover me

turns out working on.... opps can't say.

Is the Thistle Hotel Heathrow really that much of a death trap?