Professional Indemnity cover of £10m

**jamesbrown** · 6 March 2023, 15:34

No (so perhaps a useless reply, but I doubt you'll get that cover, especially for any single claim, without some extra scrutiny and a high premium). I assume you've pushed back on this. I push back on outlandish insurance T&Cs quite often and it generally works but YMMV.

**Lance** · 6 March 2023, 15:51

Update. Hiscox online quote for £750

Ouch....
I'm gonna talk to the client.

**eek** · 6 March 2023, 16:01

Originally posted by Lance View Post

My client is asking for PI cover of £10m (existing client)
QDOS say they need to see the contract, and a statement of work, and for this to go to the underwriter.

I've not checked any other providers yet (late change in requirements and busy).
Does anyone know of a company that provides £10m cover without having to go through loads of hurdles? I'm expecting a premium of £500-600 but would rather not mess around if someone knows a company who can offer straight off the bat.

If my responsibility needs PI cover of £10m I would be expecting a lot more than £1000 a day for my time...

**ladymuck** · 6 March 2023, 18:27

I remember Heathrow changed their supplier requirements, around the first time the IR35 changes were coming to the private sector (before they got postponed) and they blanket decided on minimum £10m PI irrespective of whether you were building a new taxiway or supplying a PMO admin pleb. Fortunately, covid did for my contract and I've not been back.

**northernladuk** · 6 March 2023, 20:49

Originally posted by eek View Post

If my responsibility needs PI cover of £10m I would be expecting a lot more than £1000 a day for my time...

This.

**Lance** · 9 March 2023, 08:50

update.

Client knows not of what they speak.

They meant £5m public liability, which is somewhat simpler and cheaper to buy than £10m PI.
And I also have a signed contract that says £1m so unless they want to negotiate new contract terms it stays at the £2m I have already.

**pr1** · 9 March 2023, 14:25

Originally posted by Lance View Post

update.

Client knows not of what they speak.

They meant £5m public liability, which is somewhat simpler and cheaper to buy than £10m PI.
And I also have a signed contract that says £1m so unless they want to negotiate new contract terms it stays at the £2m I have already.

So you were happy to pay £500-600 for more PI cover but you're not happy to pay ~£50 for more PL?

**jamesbrown** · 9 March 2023, 14:49

Can't say I'm hugely surprised. I see some fairly wild T&Cs/errors regarding insurance in client contract templates that probably haven't been checked by anyone since the contract template was produced, especially those geared towards big suppliers that can be negotiated down pretty easily. That's why it's better to supply your own template when you can.

Professional Indemnity cover of £10m