Professional Indemnity Insurance - necessary or not?

[zeitghost]

Re: PI

Hey, rooney, how much does unlimited cover cost then?

[rooney]

PI

I think you know the answer on that one.

[fiddleabout]

Re: PI

> I guess you may contribute something useful to this forum

in the case of freshblue who can't even figure out who posted what I think your guess will prove wrong.

In about 10 years time when his mummy has kicked him out and he has to fend for himself it is just possible that he might wise up a bit but I personally doubt it.

[freshblue]

Oooooo

Perhaps if you lot spent more time working and less time moaning then you might actually contribute something positive? The jury is clearly out as to whether PI will ever become mandatory or highly desireable by the agencies. Will also depend on industry sector e.g. imagine trying to get PI in the rail industry if you woked on signalling software.

[fiddleabout]

Re: Oooooo

Can we get back to some useful comment here please? © Bradley 2003

[Vetran]

Re: Oooooo

I have it, renewed despite being less than fully employed.

Unfortunately the limited company doesn't give you protection against professional indemnity.
I notice in the surveyors case no longer being employed by said estate agent didn't give him protection either.

EL & PL are mandatory, you can buy an all in one insurance that includes PI from £165 so it seems silly not to, if you don't have these insurances AIUI you can't be trading legally.

If you sign a contract saying you have PI and don't then I wouldn't be surprised if they go after your house, you don't actually have to be in the wrong, just the costs of fighting the case could be massive.

[zeitghost]

Re: Oooooo

Good point Vetran.

Being terminally paranoid, I've had EL & PL since day one.

PI is a curious insurance.

Most insurance works on the principle that whoever was insuring you at the time the problem occurs carries the can (up to six years in the past).

PI (so I am informed) ain't like that.

It's whoever is insuring you *now* that carries the can, even if someone else was doing it when the problem happened in the past.

Most odd.

[BlasterBates]

Re: Oooooo

This reminds me. I survived without insurance because in the last project, there was little damage I could inflict, but I think in our new anti-contractor litigous society its now an unavoidable must. When all these costs are taken off it really is hardly worth contracting these days.