Ltd Insurances (PI, PL and EL)

[SlipTheJab]

So PI, PL and EL, we all know for your average IT contractor these are a swizz, you're never likely to claim on them and we only take out these policies because they are required as evidence by agencies before starting a new contract. To all intents and purposes they are the equivalent of throwing a few hundred notes out of the window every renewal date. So mine are due for renewal, am in a contract at the mo which will likely extend until the end of the year if not longer. Do I bother renewing now or do I wait until I am required to provide evidence again that I have them for my next contract down the line?

[malvolio]

Rather depends on how much you care about contractual fraud. They aren't there just to protect you...

[SueEllen]

A lot of agencies are now wise to that and will send you an email asking you for up dated documents a couple of weeks before or after your policies run out.

I don't know what happens if you don't have them....

[l35kee]

Is the reward really worth the risk?

[MrMarkyMark]

CUK like a mysterious type of time machine.....

MY PI/PL/EL insurances are up at the end of this month, my next contract renewal is 5 months away, do I bother renewing them straight away or wait until I next need to show evidence of them? Lets face it the only reason we fork out for them is because evidence of holding them is required when we sign a contract, on ones ever claimed on them so its the equivalent of throwing 300 odd quid out of the window every year. Thoughts?

http://forums.contractoruk.com/accou...al-timing.html

[BrilloPad]

Renew now. Companies are getting increasing litigious. Why take the risk?

[SueEllen]

Renew now. Companies are getting increasing litigious. Why take the risk?

Because he's never claimed he thinks he will never claim so doesn't need them.

He's forgot the basic principle you buy insurance where you cannot afford to self-insure if things go wrong. So in this case unless you have a few million quid you buy the insurance.

[BrilloPad]

Because he's never claimed he thinks he will never claim so doesn't need them.

He's forgot the basic principle you buy insurance where you cannot afford to self-insure if things go wrong. So in this case unless you have a few million quid you buy the insurance.

Ah yes. I seem to remember something in accountancy called utility value? Basically £5000 has a utility value of more than a thousand times that of £5.

Its not just settling the claim. Its the legal fees in fighting it. You can lose any assets you have very quickly.

[l35kee]

CUK like a mysterious type of time machine.....




http://forums.contractoruk.com/accou...al-timing.html

[SlipTheJab]

CUK like a mysterious type of time machine.....




http://forums.contractoruk.com/accou...al-timing.html

Every year I ask the same question and every year you all berate me enough that I renew anyway... just off to get my credit card and give QDOS some moolah