Reply to: Professional Indemnity Insurance - necessary or not?

Re: Oooooo

This reminds me. I survived without insurance because in the last project, there was little damage I could inflict, but I think in our new anti-contractor litigous society its now an unavoidable must. When all these costs are taken off it really is hardly worth contracting these days.

Re: Oooooo

Good point Vetran.

Being terminally paranoid, I've had EL & PL since day one.

PI is a curious insurance.

Most insurance works on the principle that whoever was insuring you at the time the problem occurs carries the can (up to six years in the past).

PI (so I am informed) ain't like that.

It's whoever is insuring you *now* that carries the can, even if someone else was doing it when the problem happened in the past.

Most odd.

Re: Oooooo

I have it, renewed despite being less than fully employed.

Unfortunately the limited company doesn't give you protection against professional indemnity.
I notice in the surveyors case no longer being employed by said estate agent didn't give him protection either.

EL & PL are mandatory, you can buy an all in one insurance that includes PI from £165 so it seems silly not to, if you don't have these insurances AIUI you can't be trading legally.

If you sign a contract saying you have PI and don't then I wouldn't be surprised if they go after your house, you don't actually have to be in the wrong, just the costs of fighting the case could be massive.

Re: Oooooo

Can we get back to some useful comment here please? © Bradley 2003

Oooooo

Perhaps if you lot spent more time working and less time moaning then you might actually contribute something positive? The jury is clearly out as to whether PI will ever become mandatory or highly desireable by the agencies. Will also depend on industry sector e.g. imagine trying to get PI in the rail industry if you woked on signalling software.

Re: PI

> I guess you may contribute something useful to this forum

in the case of freshblue who can't even figure out who posted what I think your guess will prove wrong.

In about 10 years time when his mummy has kicked him out and he has to fend for himself it is just possible that he might wise up a bit but I personally doubt it.

PI

I think you know the answer on that one.

Re: PI

Hey, rooney, how much does unlimited cover cost then?

Re: Magnum PI

It's a CUK article about PI and they (CUK) then go on to mention their offering! Can CUK please moderate CUK and
remove an intersting news article... I think somewhere down the line CUK has to make a living? If you don't like the
news go somewhere else. Fool

I think you'll find it was me freshblue and as usual you totally missed the point!

I guess you may contribute something useful to this forum at some stage but assume concentration at school is the main priority at the moment?

Magnum PI

Fiddle lends his great intellect to the debate again.

It's a CUK article about PI and they (CUK) then go on to mention their offering! Can CUK please moderate CUK and remove an intersting news article... I think somewhere down the line CUK has to make a living? If you don't like the news go somewhere else. Fool

PI

There is an ever increasing trend in contracts to include mandated PI. If the client enforces it then the agencies enforce it. In my last 3 contracts in IT I needed £1M PI cover, no cover at all and then unlimited cover! The £1M contract needed a certificate to prove it (so I had to take the cover out) whilst the others didn't require it.

The choice is yours but in a bad market there are often no other choices. Let's hope the market picks up quickly.


Admin note: professional indemnity insurance and public liability insurance available here :-)

Re: PI

PII is not mandatory for most contractors as their agents and clients do not insist on it.

If several agents were advertising the same contract and Hays was one of them, guess which one I would avoid?

PI

No they can't but they can dictate that your limited company (which may be your own 1 man band, composite or umbrella) has PI else they will not allow that company to service that contract. So if you have your own ltd company you would be forced to get the PI, use another provider (composite etc..) who would be on their preferred supplier list (i.e. they have the PI which meets the contract reqs) or go and get another contract.

PI

Hays cannot dictate which accountant I use.

PI

My point is: that the market will drive whether we have to have (and prove we have) PI. The market is driven by the clients through the agencies to us. The clients are now demanding the agencies they have adequate PI and the agencies will try and pass this on to us. The agencies now ask for VAT registration and company registration details as a matter of course. I believe PI will become compulsory and everyone will have to prove they have got it. The smaller agencies may let it pass but the market is always driven by the larger players. I know for a fact Hays are mandating PI and as a result they have got together a list of "accountancy providers" that their contractors must use.