How much Professional Indemnity cover?

[Treecreeper1961]

I am currently considering some stuff. It is not going all that well as I seem to be really bad at making sense of some things.

 

Can anyone please give me some advice on professional indemnity insurance?

 

There is no doubt P.I. is required for certain work.

My question is, what level of cover is needed, or put another way, what level of cover do you guys have?

 

There is a suggestion £250,000 is probably enough for domestic and low level development work.

It seems that the majority of claims against arbs. are thrown out and all you generally need to cover is defense costs which don't usually go beyond £10,000.

 

If you are at fault then £250,000 is going to cover quite a bit, perhaps removal of trees on sites, re-structuring of foundations up to a point, damage to a range of property and even injuries up to a point, perhaps even a death.

Not likely to cover serious injury, disability and long term loss of earnings.

 

Sorry about the grim and forthright nature of all this but at the end of the day that is what it is all about.

 

Any thoughts appreciated, if you can tell me a figure but don't want to post it a p.m. would be great.

[sloth]

The AA recommend £500,000 minimum, I think more is desirable, ie £1 million. If you feel the work you do could result in a larger claim, up your amount...

[Yorkshireman]

500k is where you need speak to Louella @ lycetts they offer hiscox PI insurance

[Ian Flatters]

i have 2,000,000 but thats only because a couple of clients dictate it. Your right in your understanding of it, personally 500,000 - 1,000,000 will cover you even on large development site.

Edited January 5, 2012 by Ian Flatters
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[Treecreeper1961]

Thanks for your replies folks.