No, professional indemnity covers costs caused by failure of your advice/services,
Tradesman Insurance doesn't normally include Professional Indemnity, so I'm not quite sure where that herring was caught?
In message , at 18:20:53 on Wed, 6 Jun
2012, August West remarked:I did follow the link, and it tried to sell me a different insurance.
In message , at 18:37:39 on Wed, 6 Jun
2012, Duncan Wood remarked:Try getting a quote for "as a contractor I mess up, please pay the damages", and let me know what the premium is.
I am sorry but I don't see the relevance of that comment. Most comprehensive car policies will not cover you are driving an HGV. That doesn't stop them being comprehensive car insurance policies. Alan seemed to me merely to make the point that your argument about the quantum of the premium needed to take account of the risks covered, and that for some trades the cost of public liability insurance was much higher.
For once, why not just say that you are wrong?
No doubt, you will reply with loads of reasons, mostly extremely pedantic, like the comment to my previous post, that you are actually right, and everyone else is wrong.
"Indemnity The Company will indemnify the Insured against all sums that the Insured shall become legally liable to pay as damages and costs and expenses of claimants in respect of accidental a) injury to any person b) loss of or damage to material property c) nuisance or trespass obstruction loss of amenities or interference with any right of way light air or water d) wrongful arrest detention imprisonment or eviction of any person or invasion of the right of privacy occurring within the Territorial Limits during the period of insurance and happening in connection with the Business."
Is what mine says. What else where you expecting it to cover.
I've got a PI policy like that. Around £500/pa. (Cover quite likely excludes the USA though, as I don't currently have any clients there I see no point in paying the extra.)
AFAIUI (from having been asked to procure it) PLI covers accidents and injuries involving third-parties, which I believe is what you are getting at. It's a supplemental cover for 'the public' for which the first parties' insurance may not be adequate. cf. a visitor tripping over a trailing lead put out by us (renting the premises) rather than the museum itself.
You'll be lucky :-)
750quid, last one I had.
In message , at 20:44:53 on Wed, 6 Jun 2012, A.Lee remarked:
Hey, I tried the Insurance Company site (Hiscox) advertised all over that "business advice" site which was linked to earlier. This isn't a pedantic thing at all, there's a huge misunderstanding out there about what these various forms of insurance cover.
Fill in the questionnaire and Hiscox recommends:
Main Risks:
You make a mistake - Professional Indemnity Injury to Visitors - Public liability Damage or loss of office equipment - Office insurance Injury to you or staff - Personal accident
Other risks to consider:
Legal costs - Legal expenses Hackers and Viruses - E-risks Business disruption - Business Interruption
To suggest the "Public Liability" insurance more than scratches the surface of what's required, is frankly very poor advice.
In message , at 20:48:02 on Wed, 6 Jun
2012, Duncan Wood remarked:Without you telling me what the policy is called, I don't know quite what to expect. I filled in the Hiscox questionnaire, and have reported the results in another response.
...Which contradicts the broker's (or whoever they are) intro page:
In message , at 20:27:08 on Wed, 6 Jun 2012, Robin remarked:
The relevance is that the insurance is clearly not "comprehensive" even for the relatively small subset of activities[1] which Alan conducts. This is as a contrast to some of the wilder propositions that Public Liability insurance covers "anything you mess up".
In message , at
20:55:54 on Wed, 6 Jun 2012, Espen Koht remarked:That's right, so dropping a hammer on a vase at the museum that contracted you to wire up some extra spotlights won't be covered, because neither the museum nor the vase are "the public".
It won't be covered by the PLI, but someone asking for a PLI presumably does in the back of already having insurance to cover first-order accidents like the one you describe.
Having been involved with that sort of claim, that was covered by the public liability insurance, not the professional indemnity insurance. It's easy to tell as they where with seperate companys.
That was AXA tradesmans.
As in fail to fulfill the contract.
That list doesn't mention damaging other peoples property.
In message , at 09:54:23 on Thu, 7 Jun 2012, Duncan Wood remarked:
Unless it's negligence (in the legal sense) you wouldn't be able to claim. If you simply failed to turn up, that's something to be handled by a normal contract dispute.
Perhaps they don't offer that?
In message , at 09:53:30 on Thu, 7 Jun 2012, Duncan Wood remarked:
Sounds useful, I'll have to ask my next set of builders if they have anything like that! What's the annual premium, roughly?
HomeOwnersHub website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.