A Professional Indemnity product protects you against your legal liability for actual and alleged breaches relating to design.
Builders can be targeted for legal action if there are issues with the building – regardless of whether or not you’re liable for the problem. That’s why Professional Indemnity (PI) Insurance is vital, as it helps ensure your business will be covered for any actual or alleged design liability.
The policy provides cover for:
- Breach of duty (including act, error, omission, misleading statement, breach of confidentiality)
- Defence costs for actual or alleged breach of duty
- Claims made and reported during policy period
- Accusations of Misleading or deceptive conduct
- Vicarious liability
- Mitigation of costs coverage
45% of buildings that fail are due to design issues – so design risk is ever present.
Builders who engage consultants are exposed to any liability that results from that consultant’s work or advice. This exposure can be partial, for example, for simple defence costs – or total, where the consultant has ceased trading.
We can arrange a policy that includes the following benefits:
- Employment practices liability – cover for claims against you by your employees with a sublimit of $25K.
- Fidelity – cover for financial loss caused by employee dishonesty with a sublimit of $100K.
- Principals indemnity cover – when contractually required under a contract to Indemnify the Principal, the policy will automatically extend to cover this situation.
- Project Management – cover when you act in a Project Management role.
- Mitigation costs, privacy breach costs, seepage and pollution are all covered with a sublimit of $250K each.
- PR expenses, third party cyber exposure are all covered with a sublimit of $100K each.
Disclaimer: note that all coverage benefits detailed above are subject to the policies standard terms and conditions.
To obtain a quotation please download the proposal form and return to our office.