Maximum Professional Indemnity?

[Forbes Young]

Hello - it's been a while.

Currently I operate with the standard £5 million public liability and professional indemnity insurances, but am in a position where I've been asked to work on an asset that is worth far in excess of that.

Without going into boring detail (let's pretend it's a space shuttle worth a billion-odd quid), how would one go about insuring oneself for the duration in space?

Has anyone here got experience?

Cheers,

Dante

What does your company's contract with its client say? Quite often there are specific maximum liability clauses written into the contract ie that your client cant claim more than the maximum amount stipulated, for which your company is obliged to have insurance.

[TykeMerc]

Having done some work in the communications satellite field the simple answer is that unless you're one of the suppliers contracted to do the actual design or build of the spacecraft components (like Boeing, Lockhead, Astrium, EDS, Alenia who are all pretty large businesses) then your liability will be limited to work you do on their behalf.

It's the manufacturers and operators of spacecraft that carry the risks and insurances and the contract negotiations as to where those risks lie take years and cost millions to resolve

[GazCol]

Hello - it's been a while.

Currently I operate with the standard £5 million public liability and professional indemnity insurances, but am in a position where I've been asked to work on an asset that is worth far in excess of that.

Without going into boring detail (let's pretend it's a space shuttle worth a billion-odd quid), how would one go about insuring oneself for the duration in space?

Has anyone here got experience?

Cheers,

Dante

Public Liability insurance doesn't cover you for what you're working on - most policy wordings will have a statement in the policy wording, in What is Not Covered, to the effect of:

Loss of or damage to any property belonging to you or which at the time of the loss or damage is in your care, custody or control.

If it's an item you're manufacturing, then you would need Products Liability cover - for a item in excess of £1m you'll need to find a Lloyds broker.

If it's an item that your client manufactures, you'll be covered on their Product Liability policy already - policy wordings include cover for items being worked on by both employees and contractors.

I suspect the client hasn't requested this (only because they would normally point you in the direction of where to get suitable cover) but you could just double check with them.

[TheFaQQer]

Pick your value, speak to your insurers, see how much it will cost you.

Are the client likely to sue you for £5million even if it goes wrong?

[Dante]

Hello - it's been a while.

Currently I operate with the standard £5 million public liability and professional indemnity insurances, but am in a position where I've been asked to work on an asset that is worth far in excess of that.

Without going into boring detail (let's pretend it's a space shuttle worth a billion-odd quid), how would one go about insuring oneself for the duration in space?

Has anyone here got experience?

Cheers,

Dante