P.I Insurance

[Pondlife]

How much PI ins do most of the panel take out?

[malvolio]

The correct answer is "Enough". If you are told you need it, negotiate how much.

Another point of view says "None at all", since it is unlikely you will get sued anyway.

In reality, one of the shared risk schemes that offers around £100k is probably more than enough for most purposes

[Pondlife]

Thanks, With PGC you can get up to £1M shared which should cover me unless I really screw up

[malvolio]

Erm, PCG? Anyway, that's where mine came from.

Just being curious, but have you asked the same question on their forums?

[privateeye]

I feel discriminated against why do you need insurance against PI's

you should all be beheaded

privateeye

[Pondlife]

Erm, PCG? Anyway, that's where mine came from.

Just being curious, but have you asked the same question on their forums?

Sorry typo but meant PCG. Nope, haven't asked elsewhere. Just wasn't sure why they or others were offering such a broad level of covereage i.e. 100K to 2M.

[malvolio]

It's a shared thing - you get £100k cover to yourself, but the funding itself runs to £1m split between however many people make a claim at the same time.

[Pondlife]

I understand the shared element but they also offer individual cover of up to £2M. (Thru Randal & Dorling I think)

[malvolio]

Yes, they do - costs a lot more than £200 though. TBH, unless you're building something really mission critical, £100k is more than enough. Remeber, we have never found any evidence of a contractor being sued for PI...

[Pondlife]

I'll take the 100K and hope that if I really screw up (always an option), no one has taken too much out of the shared pot.

Just to be clear - the insurance is for the company not me, correct. So potentially needs to be updated if I take on sub-contractors or employees.