Reply to: Has anyone *ever* claimed on PI insurance?

[northernladuk]

What was the timescale for this claim (out of interest), as we may be needing to do something similar soon... ?

I was very close to the limit so I had to rush it. They tried all the tricks to delay to push it over the limit. I bought the flat 14 years ago but the issue came to head a number of years ago. Can't exactly remember how long the period I had to claim in was to be honest. Better sooner rather than later though as the added complexity of the delaying tactics is both expensive and a pain in the ass.

Still took over a year. Had to deal with the solicitors I was suing for nearly a year and then they claimed on PI and their PI solicitors got involved. Very complex. Dunno if it's a different type of job but the PI lot were animals.

[kaiser78]

I've just sued a solicitor over a flat purchase and his PI ended up paying out. Just saying like.

What was the timescale for this claim (out of interest), as we may be needing to do something similar soon... ?

[SlipTheJab]

QDOS will do the holy trinity (PI, PL and EL) for around 200 notes if you're a standard one man band IT bod HTH.

[Lance]

I think you'll find the premiums are low for single director LTDs with no other employees. I was a director of a small IT company 10 years ago and PI was eye watering lay expensive if require to cover the work of staff as well as directors.

[iamirv]

Hello all - I'm new to this malarkey and have been trawling through the forums to try to find something already here rather than make a new post...

I'm venturing into the contracting world for the first time - given what I've read so far about insurance for contractors, am I right in thinking that the general concensus is that it's fairly pointless from a protection point of view and no-one really ever needs to use it, but many clients require it and so it's a necessary evil?

I'm naturally trying to keep costs down as I dip my toes into this world for the first time... there seem to be many different types of insurance needed too such as PI, PL, TLC35... would I need some form of all of these?

[ContractorBanking]

Quote Originally Posted by ContractorBanking View Post

Absolutely, easy money.

My Dragon's Den moment was to set up a PI Insurance Company and sell PI insurance for £20. The excess would be twice the insured amount,ensuring no one claimed.

Agents and clients would love it, but they wouldn't see the excess.

risk-free money.
Or would buy it.

Or would buy it.

We all know PI insurance is not the paper its written on, so why pay £150+ when you can get the same thing* for £20. Or even a tenner.

* seeing as its to satisfy client and not for insurance purposes.

[PerfectStorm]

All of this thread gives me an idea for another industry in the making

"You may have been missold PI"!

[SueEllen]

For contractors, it's highly unlikely we'd ever be in a position where we could be sued where PI would cover us, and in any case, with limited liability (so long as you don't keep too much in the company), it barely matters-

If you happen to be the fool who stops transactions going through for a retail bank perhaps?

Though to be honest the only situations I know when there has been issues of liability within IT it has been sorted out by the contractor not taking a payment. I do know of IT contractors who have walked out of contracts that would have put them in a liability situation if they continued.

With tradesmen, who can be contractors, if they deal with consumers they get claims all the time.

[northernladuk]

LLP or Partnership?

For contractors, it's highly unlikely we'd ever be in a position where we could be sued where PI would cover us, and in any case, with limited liability (so long as you don't keep too much in the company), it barely matters-

It's a LTD as far as I know but it's the new solicitors that bought the rights to the old ones that did my flat. Very complicated but turned out ok. My solicitor, trying to take another solicitor to court due to work done by a previous solicitor... and then the PI solicitors got involved... Very messy, long and expensive.... but sorted out in my favour.

[NotAllThere]

I've just sued a solicitor over a flat purchase and his PI ended up paying out. Just saying like.

LLP or Partnership?

For contractors, it's highly unlikely we'd ever be in a position where we could be sued where PI would cover us, and in any case, with limited liability (so long as you don't keep too much in the company), it barely matters-

[Unix]

Absolutely, easy money.

My Dragon's Den moment was to set up a PI Insurance Company and sell PI insurance for £20. The excess would be twice the insured amount,ensuring no one claimed.

Agents and clients would love it, but they wouldn't see the excess.

risk-free money.

Or would buy it.

[northernladuk]

I've just sued a solicitor over a flat purchase and his PI ended up paying out. Just saying like.

[ContractorBanking]

Good plan.

Limited liability should protect you anyway, unless you do something really stupid. Box ticking exercise all round.

Absolutely, easy money.

My Dragon's Den moment was to set up a PI Insurance Company and sell PI insurance for £20. The excess would be twice the insured amount, ensuring no one claimed.

Agents and clients would love it, but they wouldn't see the excess.

risk-free money.

[VectraMan]

Time to start a PI insurance company

Good plan.

Limited liability should protect you anyway, unless you do something really stupid. Box ticking exercise all round.

[pr1]

This question has been asked a number of times, and I believe the last time someone actually researched it properly, the number of claims was exactly zero.

This is as I suspected - cheers

Time to start a PI insurance company