Professional indemnity insurance - project manager - usual cover level? Professional indemnity insurance - project manager - usual cover level?
Posts 1 to 10 of 10
  1. #1

    Nervous Newbie

    jj78 has no reputation


    Join Date
    Mar 2017
    Posts
    7

    Default Professional indemnity insurance - project manager - usual cover level?

    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.

  2. #2

    Double Godlike!

    malvolio - scorchio!

    malvolio's Avatar
    Join Date
    Jul 2005
    Location
    Walking in the garden, dreaming of Olivia...
    Posts
    11,342

    Default

    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
    Last edited by malvolio; 22nd June 2018 at 13:47.
    Blog? What blog...?

  3. #3

    I live on CUK

    Old Greg is a fount of knowledge

    Old Greg's Avatar
    Join Date
    Mar 2007
    Location
    The Tombliboo Bush
    Posts
    22,115

    Default

    You're lucky you don't have suity on the project team.
    Quote Originally Posted by Bean
    I admit that I'm a lazy lying cretin, but so what?
    25 June 2018

  4. #4

    Still gathering requirements...

    Pat Phelan has no reputation

    Pat Phelan's Avatar
    Join Date
    Jun 2018
    Posts
    42

    Default

    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!

  5. #5

    My post count is Majestic

    northernladuk is always on top

    northernladuk's Avatar
    Join Date
    Mar 2009
    Posts
    40,497

    Default

    Does it cover water damage from poorly bled radiators?
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  6. #6

    Fingers like lightning

    radish2008 has more data than eek


    Join Date
    Aug 2008
    Posts
    618

    Default

    call Hiscox

  7. #7

    Super poster

    ladymuck is a fount of knowledge

    ladymuck's Avatar
    Join Date
    Sep 2005
    Location
    London
    Posts
    3,388

    Default

    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...

  8. #8

    More fingers than teeth

    scooterscot is a fount of knowledge

    scooterscot's Avatar
    Join Date
    Nov 2005
    Location
    Anywhere that is not broken Brexit Britain
    Posts
    19,553

    Default

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

    turns out working on.... opps can't say.
    “We've always defined ourselves by the ability to overcome the impossible. And we count these moments. These moments when we dare to aim higher, to break barriers, to reach for the stars, to make the unknown known. We count these moments as our proudest achievements. But we lost all that. Or perhaps we've just forgotten that we are still pioneers. And we've barely begun. And that our greatest accomplishments cannot be behind us, because our destiny lies above us.”

  9. #9

    Nervous Newbie

    Hiscox Insurance has no reputation

    Hiscox Insurance's Avatar
    Join Date
    Jun 2018
    Posts
    1

    Default 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.

  10. #10

    I live on CUK

    Old Greg is a fount of knowledge

    Old Greg's Avatar
    Join Date
    Mar 2007
    Location
    The Tombliboo Bush
    Posts
    22,115

    Default

    Quote Originally Posted by scooterscot View Post
    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?
    Quote Originally Posted by Bean
    I admit that I'm a lazy lying cretin, but so what?
    25 June 2018

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •