Why you need a construction professional indemnity insurance specialist
Whether you are a funder, an architect, consulting engineer, main contractor, sub-consultant or sub-contractor you must ensure you get and maintain factual and current advice in respect of the work that you undertake. That is why we highly recommend you speak to us; construction-focused professional indemnity insurance is our main area of special expertise.
What is construction professional indemnity insurance?
Construction professional indemnity insurance is designed specifically to protect contractors and sub-contractors in the event of any claims for errors in their work, incorrect designs or professional negligence, that cause their clients a financial loss.
How does construction professional indemnity insurance differ from a standard professional indemnity policy?
A standard Professional Indemnity policy will typically only include any claims relating to errors in design, build, maintenance work or installation. At Premier Commercial our Construction Professional Indemnity policies are specifically written to cover these types of claims but also for other civil liabilities like breach of contract, data breach or confidentiality breach.
How much does Construction professional indemnity insurance cost?
Costs for Professional indemnity insurance for Contractors are highly variable and usually depend on; the risk related to the project and work being carried out, the size of the business, the experience of key workers, the levels of cover required, any previous claims, and much more. To get a better understanding of how much PI insurance would cost for your project, speak to one of our advisors.
Why should I use a specialist broker for professional indemnity insurance?
Modern-day appointment deeds and agreements are complex, consisting of collateral warranties, performance warranties, novation, assignation and adjudication among the other responsibilities you have to agree to i.e. confidentiality, copyright, and guarantees.
Not all insurance policies provide cover for the civil liabilities you may sign up for when you sign the appointment, many only cover errors and omissions your firm might make, and if you are not correctly advised on the differences you might have a sizeable, uninsured exposure.
At Premier Commercial, we are one of few firms trusted by certain underwriters at Lloyd’s to underwrite professional indemnity insurance as a Coverholder at Lloyd’s, we also maintain relationships with the UK’s leading professional indemnity insurers and we have exclusive access to specialist underwriters in the London market through our sizeable Lloyd’s broker relationships.
We can help
Our expertise covers all aspects of Construction Professional Indemnity Insurance including
- Collateral Warranties
- Performance Warranties
- Novation
- Assignation
- Adjudication
- and much more
What does novation mean?
Novation means to replace or to substitute. In contract law, a novation is the replacement of one of the parties in a two-party agreement with a third party, with the agreement of all three parties.
What is a collateral warranty?
Collateral warranties are used as a supporting document to a primary contract where an agreement needs to be put in place with a third party outside of the primary contract. If you have been asked to sign one we recommend you speak to one of our advisors first.
What is civil liabilities?
Civil liability is the legal responsibility for a payment to an aggrieved third party, due to the violation of a civil law, tort, or a breach of contract, even when there is no intent to cause harm but it has occurred anyway. A civil liability policy gives you cover for many risks you didn’t know you might encounter.
What is limit of indemnity?
The limit of indemnity is the maximum amount that your insurer will pay out during the policy period.
What is deed of appointment?
A deed of appointment is a legal document which appoints an individual (or professional body) into a specific role.
What is an assignment?
The transfer of legal rights/interest in an insurance policy to another party. In most instances, the assignment of such rights can only be affected with the written consent of the insurer.
What is an insurance broker?
An insurance broker is an intermediary between insurance companies and the client (you). We are regulated advisors who offer guidance to clients to help them understand and decide the type of insurance and level of cover needed and find the best policy and the best price.
What is an performance warranty?
A performance warranty is a guarantee provided by the manufacturer of a product. It assures you the things you buy are of good quality and don’t contain manufacturing defect.