PI Insurance for Investment Banking contractors

**Langkawi** · 9 May 2007, 11:33

Hi Ash,

Have been watching your post in the hope that someone answered as I have a similar set up. My Ltd is set up and I'm just waiting for the VAT registration to come through before using it.

Was gonna use Hiscox for the PI Insurance. Didnt realise that working on live trading systems is taken into account.

Im a consultant to a deployment team and provide support to clients on both BUAT and Live trading systems.

Can anyone offer Ash and I any advice on what the impact is on PI Insurance for working on live trading systems in Investment Banks?

Regards,
Alan

**reginald** · 9 May 2007, 15:11

I wouldn't bother. You won't need it. If you f**k up that badly on a live trading system at worst you'll be marched off site straight away, your permie boss may well follow you, and his boss will lose some bonus.

And if you do f**k up that badly you're probably a permie in disguise.

**Langkawi** · 9 May 2007, 16:00

Hi Reginald,

I wouldnt bother either if it was down to me because;

1. I won't f**k up at all, never mind that badly.

& 2. It would save me about 300 notes a year.

However, its a mandatory requirement for the contract so will need to get it.

Anyone else got any info on this?

**ash** · 9 May 2007, 17:04

Think we all back ourselves not to need it, otherwise we wouldn't have the b@llz to go out and contract in the first place. Unfortunately it's mandatory for some of us, plus there's always that 0.0001% chance...

Anyway, been given a tip by a colleague for the company thru which he gets his insurance:
http://www.dallaskirkland.co.uk

Can get basic PI and PL without EL for 160 bones a year. Get on it.

**Langkawi** · 10 May 2007, 07:58

Nice one Ash!

Will check it out.

Cheers,
Alan

**Langkawi** · 10 May 2007, 12:42

Hi Ash,

The Dallas Kirkland site would only offer me a quote that included the public products liability insurance (£280 for 6 months). I called them and they directed me to thier other website simplyconsultants co uk which offered me a better quote £140 but the terms and conditions contained the following;

1. I do not get involved in any of the following:-
 Financial trading control systems
 Provision of web hosting services
 The design of network security systems
 The design of websites where financial transactions can be made

Am not complaining as was grateful for the reccomendation. Just a heads up to check that your quote doesnt contain the same restriction.

Cheers,
Alan

**ash** · 10 May 2007, 12:59

Hey Alan

Thx for that. I filled out the quote on their site and I'm getting £100k PI, £1m PL and £10k for £160/year... read the T's & C's and there are no exclusions about working on trading systems that I could find.

PI Insurance for Investment Banking contractors